Everspin Technologies (NASDAQ:MRAM) Announces Earnings Results

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

Everspin Technologies Trading Down 13.1 %

Shares of Everspin Technologies stock traded down $0.98 on Thursday, hitting $6.51. 430,345 shares of the company traded hands, compared to its average volume of 98,346. The stock’s 50 day moving average price is $7.97 and its 200-day moving average price is $8.60. The company has a market cap of $138.21 million, a PE ratio of 15.07 and a beta of 0.99. Everspin Technologies has a 52 week low of $6.11 and a 52 week high of $10.50.

Analyst Upgrades and Downgrades

MRAM has been the subject of several recent analyst reports. Needham & Company LLC cut their price objective on Everspin Technologies from $12.00 to $8.00 and set a “buy” rating for the company in a report on Thursday. 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 note on Thursday.

Insiders Place Their Bets

In related news, CFO Anuj Aggarwal sold 12,852 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 transaction of $100,759.68. Following the completion of the sale, the chief financial officer now owns 289,924 shares of the company’s stock, valued at $2,273,004.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP David Schrenk sold 5,000 shares of Everspin Technologies stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total value of $40,150.00. Following the completion of the sale, the vice president now owns 115,767 shares in the company, valued at approximately $929,609.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anuj Aggarwal sold 12,852 shares of the firm’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 transaction of $100,759.68. Following the completion of the transaction, the chief financial officer now directly owns 289,924 shares of the company’s stock, valued at approximately $2,273,004.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,968 shares of company stock valued at $590,033. 6.10% of the stock is currently owned by insiders.

About Everspin Technologies

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.