Everspin Technologies (NASDAQ:MRAM) Shares Pass Below 50-Day Moving Average - Here's Why

Shares of Everspin Technologies, Inc. (NASDAQ:MRAM - Get Free Report) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $5.30 and traded as low as $4.82. Everspin Technologies shares last traded at $4.95, with a volume of 63,313 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com lowered Everspin Technologies from a "buy" rating to a "hold" rating in a research note on Friday, February 28th.

Everspin Technologies Stock Performance

The firm has a market cap of $114.44 million, a P/E ratio of 85.33 and a beta of 0.62. The stock's 50 day simple moving average is $5.28 and its 200 day simple moving average is $5.89.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The business services provider reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $13.20 million during the quarter, compared to analysts' expectations of $12.50 million. Everspin Technologies had a net margin of 2.85% and a return on equity of 2.74%.

Insider Activity

In other news, CEO Sanjeev Aggarwal sold 16,845 shares of Everspin Technologies stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $5.00, for a total value of $84,225.00. Following the transaction, the chief executive officer now owns 637,983 shares in the company, valued at approximately $3,189,915. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 54,422 shares of company stock worth $285,429 in the last three months. Corporate insiders own 6.10% of the company's stock.

Hedge Funds Weigh In On Everspin Technologies

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in Everspin Technologies by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 412,879 shares of the business services provider's stock valued at $2,437,000 after purchasing an additional 1,941 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Everspin Technologies by 42.3% in the 4th quarter. Wells Fargo & Company MN now owns 10,635 shares of the business services provider's stock worth $68,000 after purchasing an additional 3,159 shares in the last quarter. State Street Corp increased its position in Everspin Technologies by 1.5% in the third quarter. State Street Corp now owns 219,393 shares of the business services provider's stock worth $1,294,000 after buying an additional 3,298 shares in the last quarter. Barclays PLC raised its stake in Everspin Technologies by 6.4% during the 4th quarter. Barclays PLC now owns 56,004 shares of the business services provider's stock worth $357,000 after acquiring an additional 3,350 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Everspin Technologies by 9.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 59,283 shares of the business services provider's stock valued at $379,000 after purchasing an additional 5,059 shares in the last quarter. Hedge funds and other institutional investors own 44.68% of the company's stock.

About Everspin Technologies

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.