Key Points
- CEO Sanjeev Aggarwal sold 19,572 Everspin Technologies shares at an average price of $19.08, generating approximately $373,434. He retained 813,627 shares after the transaction, a 2.35% reduction in his ownership.
- Everspin shares opened at $18.22 and were down 3.2%, with the stock trading between a 52-week low of $7.35 and high of $51.50. The company has a market capitalization of about $443.7 million.
- Analyst sentiment remains mixed: Needham raised its price target to $19 and maintained a Buy rating, while Weiss Ratings maintained a Sell rating. The consensus rating is Hold, with a $19 average price target.
Everspin Tech (NASDAQ:MRAM - Get Free Report) CFO William Cooper sold 3,115 shares of the business's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $19.08, for a total transaction of $59,434.20. Following the completion of the sale, the chief financial officer directly owned 154,626 shares in the company, valued at $2,950,264.08. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Everspin Tech Trading Down 3.2%
MRAM stock opened at $18.22 on Tuesday. The stock has a 50-day moving average price of $16.65 and a two-hundred day moving average price of $18.78. The stock has a market cap of $443.66 million, a PE ratio of -165.62 and a beta of 1.88. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the company. Weiss Ratings downgraded Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 25th. Needham & Company LLC boosted their target price on Everspin Tech from $18.50 to $19.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.00.
Check Out Our Latest Analysis on MRAM
Hedge Funds Weigh In On Everspin Tech
Several hedge funds have recently modified their holdings of MRAM. Fortitude Advisory Group L.L.C. acquired a new stake in shares of Everspin Tech in the first quarter valued at about $99,000. State of Wyoming acquired a new position in Everspin Tech during the first quarter valued at approximately $189,000. Gordian Capital Singapore Pte Ltd grew its stake in Everspin Tech by 216.7% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 28,061 shares of the business services provider's stock valued at $260,000 after purchasing an additional 19,200 shares in the last quarter. Sei Investments Co. grew its stake in Everspin Tech by 25.7% in the first quarter. Sei Investments Co. now owns 66,202 shares of the business services provider's stock valued at $582,000 after purchasing an additional 13,516 shares in the last quarter. Finally, 683 Capital Management LLC bought a new position in Everspin Tech in the fourth quarter valued at approximately $1,020,000. Institutional investors own 44.68% of the company's stock.
About Everspin Tech
(
Get Free Report)
Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products for applications that require persistent data storage, fast access, high endurance and reliable operation. Unlike conventional volatile memory, MRAM retains data when power is removed, making it suitable for systems that need rapid recovery and data protection.
The company's product portfolio includes parallel and serial-peripheral-interface (SPI) MRAM, Toggle MRAM and spin-transfer torque (STT-MRAM) products.
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