Everspin Tech (NASDAQ:MRAM) Share Price Passes Below 50 Day Moving Average – Should You Sell?

Everspin Tech (NASDAQ:MRAM)’s stock price passed 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

A number of equities analysts have recently commented on MRAM shares. Needham & Company LLC raised their price target on Everspin Tech from $18.50 to $19.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings lowered Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.00.

Everspin Tech Stock Performance

The stock’s 50 day simple moving average is $16.48 and its 200 day simple moving average is $17.93. The firm has a market cap of $394.96 million, a PE ratio of -147.44 and a beta of 1.92.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 30,885 shares of Everspin Tech stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $22.34, for a total value of $689,970.90. Following the transaction, the chief executive officer owned 839,561 shares in the company, valued at $18,755,792.74. This trade represents a 3.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William Cooper sold 1,549 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were 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. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,792 shares of company stock worth $732,573 over the last quarter. Corporate insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Everspin Tech

A number of large investors have recently added to or reduced their stakes in MRAM. Rhumbline Advisers lifted its stake in Everspin Tech by 55.1% in the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock worth $188,000 after acquiring an additional 13,086 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Everspin Tech in the 2nd quarter worth about $164,000. Marshall Wace LLP bought a new position in shares of Everspin Tech in the 2nd quarter worth about $716,000. Jump Financial LLC bought a new position in shares of Everspin Tech in the 2nd quarter worth about $159,000. Finally, Qube Research & Technologies Ltd lifted its position in Everspin Tech by 41.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 103,300 shares of the business services provider’s stock valued at $650,000 after acquiring an additional 30,244 shares during the period. 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.