Everspin Tech (NASDAQ:MRAM) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Everspin Tech (NASDAQ:MRAM) posted its earnings results on Wednesday. The business services provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01, FiscalAI reports. The firm had revenue of $14.80 million during the quarter, compared to analysts’ expectations of $14.45 million. Everspin Tech had a negative net margin of 1.06% and a negative return on equity of 0.89%.

Everspin Tech Stock Up 1.7%

Shares of NASDAQ MRAM traded up $0.18 during midday trading on Wednesday, hitting $10.79. 725,038 shares of the company’s stock were exchanged, compared to its average volume of 881,797. The company’s 50 day moving average price is $11.56 and its 200 day moving average price is $9.69. The firm has a market capitalization of $246.66 million, a PE ratio of -359.67 and a beta of 0.86. Everspin Tech has a 12 month low of $4.34 and a 12 month high of $17.24.

Analysts Set New Price Targets

MRAM has been the topic of several research analyst reports. Needham & Company LLC raised their price objective on shares of Everspin Tech from $8.00 to $10.50 and gave the stock a “buy” rating in a research note on Monday, November 10th. Wall Street Zen cut shares of Everspin Tech from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Everspin Tech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Everspin Tech has a consensus rating of “Hold” and an average price target of $10.50.

Insider Activity

In other Everspin Tech news, CFO William Earl Cooper sold 6,807 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $12.06, for a total transaction of $82,092.42. Following the transaction, the chief financial officer owned 93,193 shares in the company, valued at $1,123,907.58. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 6.90% of the company’s stock.

Institutional Trading of Everspin Tech

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in shares of Everspin Tech during the second quarter worth about $25,000. Kestra Advisory Services LLC bought a new position in shares of Everspin Tech in the 4th quarter worth about $41,000. Occudo Quantitative Strategies LP bought a new position in shares of Everspin Tech during the 2nd quarter worth approximately $70,000. Algert Global LLC bought a new stake in Everspin Tech in the third quarter valued at $102,000. Finally, Balyasny Asset Management L.P. acquired a new position in Everspin Tech during the 4th quarter worth approximately $155,000. Institutional investors and hedge funds own 44.68% of the company’s stock.

Everspin Tech Company Profile

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.