Everspin Technologies (NASDAQ:MRAM) Issues Earnings Results, Misses Estimates By $0.04 EPS

Everspin Technologies (NASDAQ:MRAM) released its earnings results on Wednesday. The business services provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04), Zacks reports. The firm had revenue of $14.43 million during 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 company posted $0.04 earnings per share. Everspin Technologies updated its Q2 2024 guidance to -0.140–0.090 EPS.

Everspin Technologies Price Performance

NASDAQ MRAM traded down $1.02 during mid-day trading on Thursday, reaching $6.47. The stock had a trading volume of 324,501 shares, compared to its average volume of 96,897. 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 $137.36 million, a PE ratio of 15.07 and a beta of 0.99. The company has a fifty day moving average price of $7.97 and a 200 day moving average price of $8.60.

Insider Buying and Selling

In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,452 shares of Everspin Technologies 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 owns 476,679 shares of the company’s stock, valued at approximately $3,737,163.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP David Schrenk sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $8.03, for a total transaction of $40,150.00. Following the completion of the sale, the vice president now owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sanjeev Aggarwal sold 17,452 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $7.84, for a total transaction 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. Insiders sold a total of 72,968 shares of company stock worth $590,033 in the last three months. Insiders own 6.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Craig Hallum reduced their price objective on Everspin Technologies from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday. 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.

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.