Everspin Technologies (NASDAQ:MRAM) Announces Earnings Results

Everspin Technologies (NASDAQ:MRAM) released its earnings results on Wednesday. The business services provider reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.04), Zacks reports. Everspin Technologies had a return on equity of 16.14% and a net margin of 12.77%. The business had revenue of $14.43 million for the quarter. During the same period last year, the business posted $0.04 EPS. Everspin Technologies updated its Q2 2024 guidance to -0.140–0.090 EPS.

Everspin Technologies Stock Down 1.8 %

Shares of NASDAQ MRAM traded down $0.12 during mid-day trading on Friday, reaching $6.39. 214,881 shares of the company were exchanged, compared to its average volume of 94,847. The firm has a 50-day moving average of $7.88 and a 200 day moving average of $8.56. Everspin Technologies has a 1 year low of $6.11 and a 1 year high of $10.50. The stock has a market cap of $135.66 million, a price-to-earnings ratio of 17.27 and a beta of 0.99.

Insider Activity

In related news, CEO Sanjeev Aggarwal sold 17,452 shares of the business’s stock in a transaction on 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 directly owns 476,679 shares in the company, valued at approximately $3,737,163.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Anuj Aggarwal sold 20,000 shares of Everspin Technologies stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total transaction of $164,200.00. Following the completion of the sale, the chief financial officer now directly owns 302,824 shares in the company, valued at $2,486,185.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjeev Aggarwal sold 17,452 shares of Everspin Technologies stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total value of $136,823.68. Following the sale, the chief executive officer now directly owns 476,679 shares of the company’s stock, valued at approximately $3,737,163.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,968 shares of company stock worth $590,033. Corporate insiders own 6.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MRAM. Craig Hallum dropped their price target on 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 report on Thursday. Finally, StockNews.com lowered shares of Everspin Technologies from a “strong-buy” rating to a “buy” rating in a report on Friday.

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.