Everspin Technologies (NASDAQ:MRAM) Stock Crosses Below Fifty Day Moving Average – Here’s Why

Shares of Everspin Technologies, Inc. (NASDAQ:MRAM) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $6.26 and traded as low as $5.67. Everspin Technologies shares last traded at $5.73, with a volume of 29,283 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MRAM shares. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of Everspin Technologies in a research report on Thursday, October 31st. StockNews.com raised shares of Everspin Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, December 28th.

Everspin Technologies Stock Performance

The company’s 50-day moving average price is $6.26 and its 200 day moving average price is $5.99. The stock has a market cap of $125.89 million, a PE ratio of 95.50 and a beta of 0.88.

Hedge Funds Weigh In On Everspin Technologies

A number of hedge funds have recently made changes to their positions in MRAM. Herald Investment Management Ltd boosted its position in shares of Everspin Technologies by 20.0% during the fourth quarter. Herald Investment Management Ltd now owns 600,000 shares of the business services provider’s stock worth $3,822,000 after buying an additional 100,000 shares during the period. Bailard Inc. purchased a new position in Everspin Technologies during the 4th quarter valued at about $292,000. Barclays PLC grew its position in Everspin Technologies by 157.9% in the 3rd quarter. Barclays PLC now owns 52,654 shares of the business services provider’s stock valued at $310,000 after acquiring an additional 32,240 shares in the last quarter. Total Clarity Wealth Management Inc. acquired a new position in Everspin Technologies in the 4th quarter valued at about $162,000. Finally, JPMorgan Chase & Co. increased 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. 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.