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

Everspin Tech (NASDAQ:MRAM) CEO Sanjeev Aggarwal sold 19,572 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $373,433.76. Following the completion of the sale, the chief executive officer directly owned 813,627 shares of the company’s stock, valued at approximately $15,524,003.16. The trade was a 2.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Everspin Tech Price Performance

Shares of NASDAQ:MRAM opened at $17.23 on Thursday. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50. The business has a 50 day simple moving average of $16.81 and a two-hundred day simple moving average of $18.90. The firm has a market capitalization of $419.55 million, a PE ratio of -156.62 and a beta of 1.88.

Hedge Funds Weigh In On Everspin Tech

A number of hedge funds have recently added to or reduced their stakes in the stock. 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 valued at $3,594,000 after purchasing an additional 46,929 shares during the period. Renaissance Technologies LLC increased its holdings in Everspin Tech by 27.9% during the 1st quarter. Renaissance Technologies LLC now owns 334,367 shares of the business services provider’s stock worth $2,939,000 after purchasing an additional 73,000 shares during the period. Bank of America Corp DE raised its position in Everspin Tech by 783.4% during 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 purchasing an additional 194,617 shares in the last quarter. 683 Capital Management LLC bought a new stake in Everspin Tech during the 4th quarter valued at $1,020,000. Finally, Sei Investments Co. raised 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 in the last quarter. 44.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MRAM. Needham & Company LLC boosted their price objective on Everspin Tech from $18.50 to $19.00 and gave the company 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 analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Everspin Tech has an average rating of “Hold” and a consensus target price of $19.00.

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.