Everspin Tech (NASDAQ:MRAM) Stock Passes Below Fifty Day Moving Average – Should You Sell?

Everspin Tech (NASDAQ:MRAM) shares crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $10.82 and traded as low as $10.01. Everspin Tech shares last traded at $10.92, with a volume of 822,238 shares changing hands.

Analysts Set New Price Targets

Several research firms have weighed in on MRAM. Wall Street Zen cut Everspin Tech from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “sell (d+)” rating on shares of Everspin Tech in a research note on Monday, December 29th. Finally, Needham & Company LLC lifted their price objective on shares of Everspin Tech from $8.00 to $10.50 and gave the stock a “buy” rating in a research note on Monday, November 10th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Everspin Tech currently has a consensus rating of “Hold” and an average price target of $10.50.

Everspin Tech Trading Up 9.5%

The firm’s 50-day moving average price is $10.82 and its 200 day moving average price is $9.09. The company has a market capitalization of $249.60 million, a price-to-earnings ratio of -364.00 and a beta of 0.83.

Everspin Tech (NASDAQ:MRAM) last announced its quarterly earnings data on Wednesday, November 5th. The business services provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Everspin Tech had a negative net margin of 1.06% and a negative return on equity of 0.89%. The business had revenue of $14.06 million for the quarter, compared to analysts’ expectations of $14.00 million.

Insider Transactions at Everspin Tech

In other Everspin Tech news, Director Darin G. Billerbeck sold 12,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $9.42, for a total transaction of $113,040.00. Following the completion of the transaction, the director owned 124,073 shares of the company’s stock, valued at approximately $1,168,767.66. The trade was a 8.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Earl Cooper sold 6,807 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total transaction of $82,092.42. Following the completion of the sale, the chief financial officer owned 93,193 shares in the company, valued at approximately $1,123,907.58. The trade was a 6.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Everspin Tech

Several hedge funds have recently added to or reduced their stakes in MRAM. Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Everspin Tech in the 4th quarter valued at about $2,204,000. Herald Investment Management Ltd raised its position in shares of Everspin Tech by 18.5% during the third quarter. Herald Investment Management Ltd now owns 800,000 shares of the business services provider’s stock worth $7,416,000 after acquiring an additional 125,000 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Everspin Tech during the second quarter worth about $716,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Everspin Tech by 426.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 137,687 shares of the business services provider’s stock worth $1,282,000 after acquiring an additional 111,542 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Everspin Tech in the second quarter valued at approximately $428,000. 44.68% of the stock is currently owned by institutional investors and hedge funds.

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.