Everspin Tech (NASDAQ:MRAM) Stock Rating Lowered by Wall Street Zen

Everspin Tech (NASDAQ:MRAM) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Friday.

Everspin Tech Stock Performance

MRAM opened at $6.51 on Friday. The firm has a 50 day moving average price of $6.43 and a 200 day moving average price of $5.86. The company has a market cap of $147.29 million, a PE ratio of 93.00 and a beta of 0.29. Everspin Tech has a 1 year low of $4.34 and a 1 year high of $7.08.

Insiders Place Their Bets

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 17,327 shares of the company’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $6.47, for a total value of $112,105.69. Following the completion of the transaction, the chief executive officer owned 607,706 shares in the company, valued at $3,931,857.82. This represents a 2.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 33,129 shares of company stock valued at $217,484. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Everspin Tech

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE boosted its holdings in Everspin Tech by 43.0% in the 4th quarter. Bank of America Corp DE now owns 17,251 shares of the business services provider’s stock worth $110,000 after acquiring an additional 5,186 shares during the period. Two Sigma Investments LP boosted its holdings in Everspin Tech by 14.4% in the fourth quarter. Two Sigma Investments LP now owns 114,917 shares of the business services provider’s stock worth $734,000 after purchasing an additional 14,428 shares during the period. Rhumbline Advisers lifted its stake in Everspin Tech by 55.1% in the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock valued at $188,000 after buying an additional 13,086 shares during the last quarter. Northern Trust Corp raised its stake in shares of Everspin Tech by 4.0% during the fourth quarter. Northern Trust Corp now owns 157,460 shares of the business services provider’s stock valued at $1,006,000 after purchasing an additional 6,127 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Everspin Tech by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 418,594 shares of the business services provider’s stock valued at $2,675,000 after purchasing an additional 16,032 shares in the last quarter. Hedge funds and other institutional investors own 44.68% of the company’s stock.

About Everspin Tech

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.