Everspin Tech (NASDAQ:MRAM) Stock Rating Lowered by Wall Street Zen

Key Points

• Investment analysts at Wall Street Zen have downgraded Everspin Tech's stock rating from "buy" to "hold."
• The company has seen significant insider activity, with CEO Sanjeev Aggarwal selling 12,677 shares at an average price of $6.82.
• Institutional investors have been active, with Wells Fargo increasing its position in Everspin Tech by 42.3% during the 4th quarter.

Everspin Tech (NASDAQ:MRAM - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Friday.

Everspin Tech Stock Performance

Shares of NASDAQ MRAM opened at $6.51 on Friday. The firm has a market capitalization of $147.29 million, a P/E ratio of 93.00 and a beta of 0.29. Everspin Tech has a one year low of $4.34 and a one year high of $7.08. The company's fifty day moving average is $6.43 and its two-hundred day moving average is $5.86.

Insider Activity at Everspin Tech

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 12,677 shares of the business's 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 in the company, valued at approximately $4,058,097.78. The trade was a 2.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 33,129 shares of company stock worth $217,484. 6.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Everspin Tech

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its position in shares of Everspin Tech by 42.3% in the 4th quarter. Wells Fargo & Company MN now owns 10,635 shares of the business services provider's stock worth $68,000 after buying an additional 3,159 shares in the last quarter. Barclays PLC raised its stake in Everspin Tech by 6.4% in the 4th quarter. Barclays PLC now owns 56,004 shares of the business services provider's stock valued at $357,000 after purchasing an additional 3,350 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Everspin Tech in the 2nd quarter valued at about $25,000. Total Clarity Wealth Management Inc. increased its stake in shares of Everspin Tech by 15.6% during the 2nd quarter. Total Clarity Wealth Management Inc. now owns 29,267 shares of the business services provider's stock valued at $184,000 after acquiring an additional 3,954 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Everspin Tech by 43.0% during the 4th quarter. Bank of America Corp DE now owns 17,251 shares of the business services provider's stock valued at $110,000 after acquiring an additional 5,186 shares during the last quarter. 44.68% of the stock is currently owned by hedge funds and other institutional investors.

Everspin Tech Company Profile

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.

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