Everspin Tech (NASDAQ:MRAM) Stock Price Passes Below Fifty Day Moving Average - What's Next?

Key Points

• Everspin shares fell below their 50-day moving average, trading as low as $13.26 and last changing hands at $13.97, down 6.6%. The stock’s 50-day and 200-day moving averages are $22.83 and $16.97, respectively.
• Analyst sentiment is mixed, with one Buy and one Sell rating, resulting in a consensus “Hold” rating and an average price target of $18.50. Needham raised its target to $18.50 and maintained a Buy rating.
• The company reported quarterly EPS of $0.11 and revenue of $14.87 million, exceeding the $14.60 million estimate. Meanwhile, insiders sold 188,302 shares worth approximately $5.57 million over the past three months.

Everspin Tech (NASDAQ:MRAM - Get Free Report) shares passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $22.83 and traded as low as $13.26. Everspin Tech shares last traded at $13.97, with a volume of 1,028,212 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MRAM. Needham & Company LLC upped their price target on Everspin Tech from $14.00 to $18.50 and gave the stock a "buy" rating in a report on Thursday, April 30th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Everspin Tech in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.50.

Everspin Tech Trading Down 6.6%

The company has a market cap of $327.60 million, a price-to-earnings ratio of 1,398.40 and a beta of 1.88. The company has a fifty day moving average price of $22.83 and a two-hundred day moving average price of $16.97.

Everspin Tech (NASDAQ:MRAM - Get Free Report) last issued its earnings results on Wednesday, April 29th. The business services provider reported $0.11 EPS for the quarter. Everspin Tech had a return on equity of 4.78% and a net margin of 0.50%.The business had revenue of $14.87 million during the quarter, compared to analyst estimates of $14.60 million.

Insider Transactions at Everspin Tech

In related news, Director Glen Hawk sold 48,563 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $37.95, for a total transaction of $1,842,965.85. Following the completion of the transaction, the director owned 39,551 shares in the company, valued at $1,500,960.45. This trade represents a 55.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Earl Cooper sold 11,000 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $21.75, for a total value of $239,250.00. Following the completion of the sale, the chief financial officer directly owned 161,030 shares in the company, valued at approximately $3,502,402.50. This represents a 6.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 188,302 shares of company stock valued at $5,571,695. Corporate insiders own 6.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in shares of Everspin Tech during the second quarter worth approximately $25,000. Kestra Advisory Services LLC bought a new position in Everspin Tech in the 4th quarter valued at $41,000. Occudo Quantitative Strategies LP bought a new position in Everspin Tech in the 2nd quarter valued at $70,000. Fortitude Advisory Group L.L.C. acquired a new position in Everspin Tech in the first quarter worth $99,000. Finally, Algert Global LLC acquired a new position in Everspin Tech in the third quarter worth $102,000. 44.68% of the stock is owned by institutional investors.

About Everspin Tech

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.

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