Everspin Technologies (NASDAQ:MRAM) Share Price Passes Below 50 Day Moving Average – Here’s Why

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

Wall Street Analyst Weigh In

MRAM has been the topic of several recent analyst reports. StockNews.com raised Everspin Technologies from a “hold” rating to a “buy” rating in a report on Saturday, December 28th. Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of Everspin Technologies in a report on Thursday, October 31st.

Everspin Technologies Stock Performance

The stock’s 50-day simple moving average is $6.26 and its two-hundred day simple moving average is $5.99. The stock has a market cap of $125.89 million, a price-to-earnings ratio of 95.50 and a beta of 0.88.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MRAM. Eastern Bank acquired a new position in shares of Everspin Technologies during the third quarter valued at about $50,000. Wells Fargo & Company MN raised its position in shares of Everspin Technologies by 42.3% during the fourth quarter. Wells Fargo & Company MN now owns 10,635 shares of the business services provider’s stock valued at $68,000 after buying an additional 3,159 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Everspin Technologies during the fourth quarter valued at about $75,000. Jane Street Group LLC acquired a new position in Everspin Technologies in the third quarter worth about $82,000. Finally, BNP Paribas Financial Markets lifted its stake in Everspin Technologies by 222.9% during the third quarter. BNP Paribas Financial Markets now owns 20,599 shares of the business services provider’s stock worth $122,000 after purchasing an additional 14,220 shares during the period. Institutional investors and hedge funds 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.