Everspin Technologies (NASDAQ:MRAM) Posts Quarterly Earnings Results

Everspin Technologies (NASDAQ:MRAM) issued its quarterly earnings data on Wednesday. The business services provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04), Zacks reports. Everspin Technologies had a net margin of 14.20% and a return on equity of 18.96%. The firm had revenue of $14.43 million for the quarter. During the same period last year, the firm 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 $0.98 during mid-day trading on Thursday, hitting $6.51. The company’s stock had a trading volume of 430,345 shares, compared to its average volume of 98,346. The company has a 50 day moving average of $7.97 and a 200-day moving average of $8.60. Everspin Technologies has a one year low of $6.11 and a one year high of $10.50. The stock has a market cap of $138.21 million, a PE ratio of 15.07 and a beta of 0.99.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Needham & Company LLC reduced their price objective on Everspin Technologies from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday. Craig Hallum cut 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.

Insider Transactions at Everspin Technologies

In related news, CEO Sanjeev Aggarwal sold 17,452 shares of Everspin Technologies stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $7.84, for a total transaction of $136,823.68. Following the completion of the sale, the chief executive officer now owns 476,679 shares in the company, valued at approximately $3,737,163.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP David Schrenk sold 5,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total transaction of $40,150.00. Following the transaction, the vice president now owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjeev Aggarwal sold 17,452 shares of the company’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 completion of the sale, the chief executive officer now directly owns 476,679 shares of the company’s stock, valued at $3,737,163.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,968 shares of company stock worth $590,033. 6.10% of the stock is currently owned by insiders.

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.