Insider Selling: Everspin Tech (NASDAQ:MRAM) VP Sells $146,744.28 in Stock

Everspin Tech (NASDAQ:MRAM) VP Sean Michael Dougherty sold 7,691 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $146,744.28. Following the completion of the sale, the vice president directly owned 100,028 shares in the company, valued at $1,908,534.24. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Everspin Tech Stock Performance

Shares of MRAM stock opened at $17.23 on Thursday. Everspin Tech has a one year low of $7.35 and a one year high of $51.50. The company has a 50 day moving average price of $16.81 and a 200 day moving average price of $18.90. The firm has a market capitalization of $419.55 million, a price-to-earnings ratio of -156.62 and a beta of 1.88.

Institutional Investors Weigh In On Everspin Tech

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Everspin Tech by 13.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 409,010 shares of the business services provider’s stock worth $3,594,000 after purchasing an additional 46,929 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Everspin Tech by 27.9% during the first quarter. Renaissance Technologies LLC now owns 334,367 shares of the business services provider’s stock worth $2,939,000 after buying an additional 73,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in Everspin Tech by 783.4% during the first quarter. Bank of America Corp DE now owns 219,460 shares of the business services provider’s stock worth $1,929,000 after buying an additional 194,617 shares in the last quarter. 683 Capital Management LLC acquired a new position in shares of Everspin Tech in the 4th quarter worth $1,020,000. Finally, Sei Investments Co. boosted its position in shares of Everspin Tech by 25.7% in the 1st 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 during the period. 44.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MRAM shares. Needham & Company LLC increased their target price on Everspin Tech from $18.50 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings downgraded Everspin Tech from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.00.

About Everspin Tech

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.