Everspin Technologies (NASDAQ:MRAM) Shares Cross Below Fifty Day Moving Average - Here's Why

Everspin Technologies, Inc. (NASDAQ:MRAM - Get Free Report) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $6.34 and traded as low as $6.11. Everspin Technologies shares last traded at $6.22, with a volume of 54,563 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com upgraded Everspin Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, December 28th. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price objective on shares of Everspin Technologies in a research report on Thursday, October 31st.

Everspin Technologies Stock Down 0.5 %

The stock has a market capitalization of $135.99 million, a price-to-earnings ratio of 103.08 and a beta of 0.90. The stock has a 50 day moving average price of $6.34 and a 200 day moving average price of $6.04.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last posted its earnings results on Wednesday, October 30th. The business services provider reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.18. The firm had revenue of $12.09 million for the quarter. Everspin Technologies had a net margin of 2.85% and a return on equity of 2.74%. During the same period in the previous year, the firm earned $0.11 earnings per share.

Hedge Funds Weigh In On Everspin Technologies

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in shares of Everspin Technologies by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 412,879 shares of the business services provider's stock worth $2,437,000 after purchasing an additional 1,941 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Everspin Technologies by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 407,444 shares of the business services provider's stock worth $2,440,000 after acquiring an additional 55,772 shares in the last quarter. State Street Corp boosted its position in shares of Everspin Technologies by 1.5% during the 3rd quarter. State Street Corp now owns 219,393 shares of the business services provider's stock valued at $1,294,000 after purchasing an additional 3,298 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Everspin Technologies by 49.3% during the third quarter. JPMorgan Chase & Co. now owns 58,668 shares of the business services provider's stock worth $346,000 after purchasing an additional 19,367 shares during the period. Finally, Barclays PLC increased its holdings in Everspin Technologies by 157.9% in the third quarter. Barclays PLC now owns 52,654 shares of the business services provider's stock worth $310,000 after purchasing an additional 32,240 shares in the last quarter. 44.68% of the stock is currently owned by institutional investors.

Everspin Technologies Company Profile

Everspin Technologies, Inc engages in the manufacture and sale of magnetoresistive random access memory (MRAM) products in the United States, Japan, Hong Kong, Germany, Singapore, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for MRAM products.