Everspin Tech (NASDAQ:MRAM) Stock Price Passes Below 50-Day Moving Average - Here's Why

Key Points

• Everspin Tech shares fell below their 50-day moving average, reaching $16.04 and last trading at $16.22 versus the $16.48 average. The stock’s 200-day moving average is $17.93.
• Analyst sentiment is mixed, with one Buy and one Sell rating resulting in a consensus “Hold” rating and a $19.00 price target. Needham raised its target to $19.00, while Weiss Ratings maintained a Sell assessment.
• Company insiders sold 32,792 shares worth approximately $732,573 over the past 90 days, while institutional investors own 44.68% of the stock.

Shares of Everspin Tech (NASDAQ:MRAM - Get Free Report) crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $16.48 and traded as low as $16.04. Everspin Tech shares last traded at $16.22, with a volume of 664,610 shares traded.

Wall Street Analysts Forecast Growth

MRAM has been the subject of several analyst reports. Needham & Company LLC increased their price objective on shares of Everspin Tech from $18.50 to $19.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings downgraded Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $19.00.

Everspin Tech Price Performance

The stock has a market capitalization of $394.96 million, a PE ratio of -147.44 and a beta of 1.92. The stock's 50 day simple moving average is $16.48 and its two-hundred day simple moving average is $17.93.

Insiders Place Their Bets

In related news, CEO Sanjeev Aggarwal sold 30,885 shares of Everspin Tech stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total value of $689,970.90. Following the completion of the sale, the chief executive officer owned 839,561 shares of the company's stock, valued at approximately $18,755,792.74. This trade represents a 3.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William Cooper sold 1,549 shares of Everspin Tech stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $22.34, for a total value of $34,604.66. Following the completion of the sale, the chief financial officer directly owned 149,481 shares of the company's stock, valued at approximately $3,339,405.54. This trade represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,792 shares of company stock worth $732,573 in the last ninety days. Insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On Everspin Tech

Several large investors have recently modified their holdings of the business. Renaissance Technologies LLC lifted its position 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 worth $2,939,000 after acquiring an additional 73,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Everspin Tech by 13.0% in the first quarter. Dimensional Fund Advisors LP now owns 409,010 shares of the business services provider's stock worth $3,594,000 after acquiring an additional 46,929 shares during the period. Bank of America Corp DE grew its position in shares of Everspin Tech by 783.4% in the first quarter. Bank of America Corp DE now owns 219,460 shares of the business services provider's stock valued at $1,929,000 after purchasing an additional 194,617 shares in the last quarter. 683 Capital Management LLC bought a new stake in shares of Everspin Tech during the 4th quarter valued at $1,020,000. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Everspin Tech during the 4th quarter valued at $2,204,000. Hedge funds and other institutional investors own 44.68% of the company's stock.

Everspin Tech Company Profile

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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