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

Everspin Technologies (NASDAQ:MRAM) issued its earnings results 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 return on equity of 18.96% and a net margin of 14.20%. The business had revenue of $14.43 million during the quarter. During the same period in the prior year, the firm posted $0.04 EPS. Everspin Technologies updated its Q2 2024 guidance to -0.140–0.090 EPS.

Everspin Technologies Price Performance

NASDAQ MRAM traded down $0.98 on Thursday, reaching $6.51. 430,345 shares of the company’s stock traded hands, compared to its average volume of 98,346. The stock has a market cap of $138.21 million, a PE ratio of 15.07 and a beta of 0.99. Everspin Technologies has a 12 month low of $6.11 and a 12 month high of $10.50. The stock has a 50-day simple moving average of $7.97 and a 200 day simple moving average of $8.60.

Insider Activity

In other Everspin Technologies 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 value of $40,150.00. Following the completion of the sale, the vice president now directly owns 115,767 shares of the company’s stock, valued at $929,609.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sanjeev Aggarwal sold 17,452 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total value of $136,823.68. Following the completion of the transaction, the chief executive officer now owns 476,679 shares of the company’s stock, valued at approximately $3,737,163.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David Schrenk sold 5,000 shares of the firm’s 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 transaction, the vice president now owns 115,767 shares of the company’s stock, valued at approximately $929,609.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,968 shares of company stock valued at $590,033. Corporate insiders own 6.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have 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 for the company in a research note on Thursday. Needham & Company LLC reduced their target price on shares of Everspin Technologies from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday.

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.