Everspin Technologies (NASDAQ:MRAM) Issues Earnings Results

Everspin Technologies (NASDAQ:MRAM) released its earnings results on Wednesday. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04), Zacks reports. Everspin Technologies had a return on equity of 18.96% and a net margin of 14.20%. The business had revenue of $14.43 million for the quarter. During the same quarter in the previous year, the business posted $0.04 EPS. Everspin Technologies updated its Q2 2024 guidance to -0.140–0.090 EPS.

Everspin Technologies Stock Performance

Everspin Technologies stock traded down $1.02 during midday trading on Thursday, hitting $6.47. 324,501 shares of the company’s stock were exchanged, compared to its average volume of 96,897. Everspin Technologies has a 12-month low of $6.11 and a 12-month high of $10.50. The stock has a market cap of $137.36 million, a price-to-earnings ratio of 15.07 and a beta of 0.99. The firm’s 50 day simple moving average is $7.97 and its 200 day simple moving average is $8.60.

Insiders Place Their Bets

In related news, CEO Sanjeev Aggarwal sold 17,452 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $7.84, for a total value of $136,823.68. Following the completion of the sale, the chief executive officer now directly owns 476,679 shares in the company, valued at $3,737,163.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,452 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total transaction of $136,823.68. Following the transaction, the chief executive officer now owns 476,679 shares in the company, valued at $3,737,163.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP David Schrenk sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the sale, the vice president now owns 115,767 shares in the company, valued at $929,609.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,968 shares of company stock valued at $590,033. Insiders own 6.10% of the company’s stock.

Wall Street Analyst Weigh In

MRAM has been the topic of a number of recent analyst reports. Craig Hallum dropped their price objective on shares of Everspin Technologies from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday. Needham & Company LLC dropped their target price on shares of Everspin Technologies from $12.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday.

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.