Everspin Tech (NASDAQ:MRAM) Stock Price Passes Below 50-Day Moving Average – Here’s Why

Everspin Tech (NASDAQ:MRAM) shares passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $16.48 and traded as low as $16.04. Everspin Tech shares last traded at $16.22, with a volume of 664,610 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MRAM shares. Needham & Company LLC increased their price target on shares of Everspin Tech from $18.50 to $19.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 25th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Everspin Tech currently has a consensus rating of “Hold” and a consensus price target of $19.00.

Everspin Tech Stock Performance

The stock has a market cap of $394.96 million, a P/E ratio of -147.44 and a beta of 1.92. The stock has a 50-day moving average price of $16.48 and a 200-day moving average price of $17.93.

Insider Buying and Selling

In other Everspin Tech news, CFO William Cooper sold 1,549 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $22.34, for a total value of $34,604.66. Following the completion of the transaction, the chief financial officer owned 149,481 shares of the company’s stock, valued at $3,339,405.54. The trade was a 1.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjeev Aggarwal sold 30,885 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $22.34, for a total value of $689,970.90. Following the completion of the transaction, the chief executive officer directly owned 839,561 shares in the company, valued at approximately $18,755,792.74. This represents a 3.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,792 shares of company stock worth $732,573 over the last ninety days. 6.30% of the stock is currently owned by insiders.

Institutional Trading of Everspin Tech

Several institutional investors have recently added to or reduced their stakes in MRAM. Rhumbline Advisers grew its holdings in shares of Everspin Tech by 55.1% in the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock worth $188,000 after purchasing an additional 13,086 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Everspin Tech in the second quarter worth $164,000. Marshall Wace LLP bought a new stake in Everspin Tech during the 2nd quarter valued at $716,000. Jump Financial LLC bought a new stake in Everspin Tech during the 2nd quarter valued at $159,000. Finally, Qube Research & Technologies Ltd boosted its position in Everspin Tech by 41.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 103,300 shares of the business services provider’s stock valued at $650,000 after buying an additional 30,244 shares during the period. 44.68% of the stock is currently owned by hedge funds and other institutional investors.

Everspin Tech Company Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.