Everspin Tech (NASDAQ:MRAM) Stock Price Down 2.1% - Here's What Happened

Key Points

• Everspin Tech's stock price fell 2.1% on Monday, trading as low as $6.40 before closing at $6.43, with a trading volume increase of 33% compared to its average.
• Wall Street Zen upgraded Everspin Tech from a "hold" to a "buy" rating, with a consensus price target of $8.00.
• Institutional ownership is significant, with 44.68% of the stock held by institutional investors, including Lynrock Lake LP, which increased its stake by 132% in the first quarter.

Everspin Tech (NASDAQ:MRAM - Get Free Report)'s stock price dropped 2.1% during trading on Monday . The stock traded as low as $6.40 and last traded at $6.43. Approximately 94,521 shares were traded during trading, an increase of 33% from the average daily volume of 71,043 shares. The stock had previously closed at $6.57.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Everspin Tech from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Everspin Tech presently has a consensus rating of "Buy" and a consensus price target of $8.00.

Everspin Tech Price Performance

The firm has a 50-day simple moving average of $6.42 and a 200 day simple moving average of $5.84. The company has a market capitalization of $145.45 million, a PE ratio of 91.86 and a beta of 0.29.

Insider Activity

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 12,677 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $6.82, for a total transaction of $86,457.14. Following the sale, the chief executive officer directly owned 595,029 shares of the company's stock, valued at approximately $4,058,097.78. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 33,129 shares of company stock worth $217,484. Corporate insiders own 6.90% of the company's stock.

Institutional Trading of Everspin Tech

Institutional investors have recently made changes to their positions in the stock. Lynrock Lake LP grew its stake in shares of Everspin Tech by 132.0% in the 1st quarter. Lynrock Lake LP now owns 1,586,370 shares of the business services provider's stock valued at $8,090,000 after purchasing an additional 902,489 shares during the period. Marshall Wace LLP acquired a new position in Everspin Tech during the 2nd quarter worth about $716,000. Herald Investment Management Ltd grew its stake in shares of Everspin Tech by 12.5% during the second quarter. Herald Investment Management Ltd now owns 675,000 shares of the business services provider's stock valued at $4,239,000 after purchasing an additional 75,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Everspin Tech in the 2nd quarter valued at $428,000. Finally, Jane Street Group LLC bought a new position in Everspin Tech in the second quarter valued at about $363,000. 44.68% of the stock is owned by institutional investors and hedge funds.

About Everspin Tech

Everspin Technologies, Inc engages in the manufacture and sale of magnetoresistive random access memory (MRAM) products in the United States, Japan, Hong Kong, Germany, Singapore, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for MRAM products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.