Insider Selling: Everspin Tech (NASDAQ:MRAM) CEO Sells $373,433.76 in Stock

Key Points

• CEO Sanjeev Aggarwal sold 19,572 Everspin Technologies shares at an average price of $19.08, generating $373,433.76. His remaining stake is 813,627 shares, a 2.35% reduction.
• MRAM shares recently traded at $18.22, with a market capitalization of approximately $443.7 million and a 52-week range of $7.35 to $51.50.
• Analyst sentiment is mixed: one analyst rates the stock Buy and another Sell, resulting in a consensus Hold rating and a $19.00 price target. Institutional investors own 44.68% of the company.

Everspin Tech (NASDAQ:MRAM - Get Free Report) CEO Sanjeev Aggarwal sold 19,572 shares of the company's stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $19.08, for a total value of $373,433.76. Following the completion of the transaction, the chief executive officer owned 813,627 shares in the company, valued at $15,524,003.16. This represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Everspin Tech Price Performance

Shares of NASDAQ:MRAM traded down $0.61 on Monday, hitting $18.22. The company's stock had a trading volume of 786,550 shares, compared to its average volume of 1,766,300. The company has a market capitalization of $443.66 million, a PE ratio of -165.62 and a beta of 1.88. The company has a 50-day simple moving average of $16.59 and a 200 day simple moving average of $18.72. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50.

Wall Street Analyst Weigh In

MRAM has been the topic of a number of research analyst reports. Weiss Ratings lowered shares of Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 25th. Needham & Company LLC upped their target price on shares of Everspin Tech from $18.50 to $19.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently 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 bought and sold shares of the stock. Fortitude Advisory Group L.L.C. purchased a new position in Everspin Tech during the 1st quarter valued at about $99,000. State of Wyoming bought a new stake in shares of Everspin Tech in the 1st quarter worth approximately $189,000. Gordian Capital Singapore Pte Ltd boosted its holdings in Everspin Tech by 216.7% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 28,061 shares of the business services provider's stock worth $260,000 after acquiring an additional 19,200 shares in the last quarter. Sei Investments Co. grew its position in Everspin Tech by 25.7% during the 1st quarter. Sei Investments Co. now owns 66,202 shares of the business services provider's stock valued at $582,000 after purchasing an additional 13,516 shares during the last quarter. Finally, 683 Capital Management LLC purchased a new stake in shares of Everspin Tech during the fourth quarter valued at approximately $1,020,000. Institutional investors own 44.68% of the company's stock.

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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