Everspin Tech (NASDAQ:MRAM) Stock: Insider Sean Michael Dougherty Sells 7,691 Shares

Key Points

• Insider sale: Vice President Sean Michael Dougherty sold 7,691 Everspin Technologies shares for approximately $146,744, reducing his ownership by 7.14% to 100,028 shares.
• Stock performance and analyst view: MRAM shares fell 3.2% to $18.22, while analysts maintain a consensus “Hold” rating and a $19.00 price target.
• Institutional activity: Several institutional investors increased their positions, and institutions now own approximately 44.68% of Everspin Tech’s outstanding shares.

Everspin Tech (NASDAQ:MRAM - Get Free Report) VP Sean Michael Dougherty sold 7,691 shares of the firm's stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $19.08, for a total value of $146,744.28. Following the completion of the transaction, the vice president owned 100,028 shares of the company's stock, valued at approximately $1,908,534.24. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Everspin Tech Trading Down 3.2%

NASDAQ:MRAM traded down $0.61 on Monday, hitting $18.22. The company's stock had a trading volume of 786,089 shares, compared to its average volume of 1,766,292. The stock has a fifty day moving average of $16.59 and a two-hundred day moving average of $18.72. Everspin Tech has a one year low of $7.35 and a one year high of $51.50. The firm has a market capitalization of $443.66 million, a P/E ratio of -165.62 and a beta of 1.88.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MRAM. Needham & Company LLC increased their target price on Everspin Tech from $18.50 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings lowered 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 given a Sell rating to the stock. According to MarketBeat, Everspin Tech has a consensus rating of "Hold" and a consensus price target of $19.00.

Institutional Trading of Everspin Tech

Several hedge funds and other institutional investors have recently made changes to their positions in MRAM. Fortitude Advisory Group L.L.C. boosted its holdings in Everspin Tech by 37.7% in the second quarter. Fortitude Advisory Group L.L.C. now owns 15,551 shares of the business services provider's stock valued at $376,000 after acquiring an additional 4,261 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Everspin Tech by 783.4% in the 1st quarter. Bank of America Corp DE now owns 219,460 shares of the business services provider's stock valued at $1,929,000 after buying an additional 194,617 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Everspin Tech by 27.9% during the first quarter. Renaissance Technologies LLC now owns 334,367 shares of the business services provider's stock valued at $2,939,000 after acquiring an additional 73,000 shares in the last quarter. Sei Investments Co. raised its holdings in Everspin Tech by 25.7% during the first quarter. Sei Investments Co. now owns 66,202 shares of the business services provider's stock worth $582,000 after buying an additional 13,516 shares during the last quarter. Finally, State of Wyoming bought a new position in Everspin Tech in the 1st quarter valued at about $189,000. 44.68% of the stock is currently owned by institutional investors.

Everspin Tech Company Profile

Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products for applications that require persistent data storage, fast access, high endurance and reliable operation. Unlike conventional volatile memory, MRAM retains data when power is removed, making it suitable for systems that need rapid recovery and data protection.

The company's product portfolio includes parallel and serial-peripheral-interface (SPI) MRAM, Toggle MRAM and spin-transfer torque (STT-MRAM) products.

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