Everspin Technologies (NASDAQ:MRAM) Announces Earnings Results, Misses Expectations 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 the consensus estimate of $0.03 by ($0.04), Zacks reports. The firm had revenue of $14.43 million during the quarter. Everspin Technologies had a return on equity of 16.14% and a net margin of 12.77%. During the same period in the prior year, the firm earned $0.04 earnings per share. Everspin Technologies updated its Q2 2024 guidance to -0.140–0.090 EPS.

Everspin Technologies Stock Down 1.8 %

Shares of MRAM stock traded down $0.12 on Friday, reaching $6.39. 214,881 shares of the stock were exchanged, compared to its average volume of 94,847. The firm has a 50 day moving average of $7.88 and a two-hundred day moving average of $8.56. The stock has a market cap of $135.66 million, a P/E ratio of 17.27 and a beta of 0.99. Everspin Technologies has a 1-year low of $6.11 and a 1-year high of $10.50.

Insider Activity

In related news, VP David Schrenk sold 5,000 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP David Schrenk sold 5,000 shares of Everspin Technologies 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 transaction, the vice president now owns 115,767 shares in the company, valued at approximately $929,609.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Geoffrey G. Ribar sold 6,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $8.50, for a total value of $51,000.00. Following the completion of the sale, the director now owns 88,109 shares of the company’s stock, valued at $748,926.50. The disclosure for this sale can be found here. Insiders have sold 72,968 shares of company stock valued at $590,033 in the last three months. Corporate insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. StockNews.com cut Everspin Technologies from a “strong-buy” rating to a “buy” rating in a report on Friday. Needham & Company LLC decreased their price target on Everspin Technologies from $12.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Craig Hallum dropped their price objective on shares of Everspin Technologies from $11.00 to $10.00 and set a “buy” rating for the company 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.