Everspin Technologies (NASDAQ:MRAM) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Everspin Technologies, Inc. (NASDAQ:MRAM)’s stock price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-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.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. StockNews.com upgraded shares of Everspin Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, December 28th. Needham & Company LLC restated a “buy” rating and set a $8.00 target price on shares of Everspin Technologies in a report on Thursday, October 31st.

Everspin Technologies Stock Performance

The firm has a market cap of $136.65 million, a PE ratio of 103.67 and a beta of 0.90. The company’s 50-day simple moving average is $6.34 and its two-hundred day simple moving average is $6.04.

Everspin Technologies (NASDAQ:MRAM) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.18. Everspin Technologies had a return on equity of 2.74% and a net margin of 2.85%. The business had revenue of $12.09 million during the quarter. During the same quarter last year, the business posted $0.11 EPS.

Institutional Trading of Everspin Technologies

Several large investors have recently bought and sold shares of MRAM. Eastern Bank purchased a new position in shares of Everspin Technologies in the 3rd quarter valued at approximately $50,000. Mackenzie Financial Corp purchased a new position in Everspin Technologies during the second quarter valued at $70,000. Jane Street Group LLC bought a new stake in shares of Everspin Technologies during the 3rd quarter valued at $82,000. BNP Paribas Financial Markets grew its position in shares of Everspin Technologies by 222.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock worth $122,000 after buying an additional 14,220 shares during the period. Finally, Total Clarity Wealth Management Inc. bought a new position in shares of Everspin Technologies in the 4th quarter worth about $162,000. 44.68% of the stock is 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.