Everspin Tech (NASDAQ:MRAM) Issues Earnings Results

Key Points

• Everspin Technologies beat quarterly earnings expectations, reporting $0.12 per share versus the consensus estimate of a $0.04 loss. Revenue reached $20.65 million, ahead of analyst estimates of $20.07 million.
• Shares rose $0.72 to $14.65 following the results, though the stock remains well below its 52-week high of $51.50. Analysts have a consensus “Hold” rating and an average price target of $22.00.
• Company insiders sold 30,378 shares worth approximately $579,612 during the last quarter, including sales by the CEO and a vice president.

Everspin Tech (NASDAQ:MRAM - Get Free Report) announced its quarterly earnings data on Wednesday. The business services provider reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.16, FiscalAI reports. Everspin Tech had a positive return on equity of 7.73% and a negative net margin of 4.22%. The company had revenue of $20.65 million for the quarter, compared to analyst estimates of $20.07 million.

Everspin Tech Price Performance

Everspin Tech stock traded up $0.72 during mid-day trading on Wednesday, reaching $14.65. The company had a trading volume of 1,282,445 shares, compared to its average volume of 1,679,854. The stock's 50-day simple moving average is $16.10 and its 200-day simple moving average is $16.64. Everspin Tech has a 1 year low of $7.35 and a 1 year high of $51.50. The company has a market capitalization of $356.73 million, a P/E ratio of -133.17 and a beta of 1.88.

Insider Transactions at Everspin Tech

In other Everspin Tech news, CEO Sanjeev Aggarwal sold 19,572 shares of the business's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $19.08, for a total transaction of $373,433.76. Following the sale, the chief executive officer directly owned 813,627 shares in the company, valued at approximately $15,524,003.16. The trade was a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sean Michael Dougherty sold 7,691 shares of the business's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $19.08, for a total value of $146,744.28. Following the sale, the vice president owned 100,028 shares in the company, valued at approximately $1,908,534.24. The trade was a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,378 shares of company stock valued at $579,612 in the last quarter. 6.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MRAM. Maxim Group initiated coverage on Everspin Tech in a report on Monday, October 12th. They issued a "buy" rating and a $25.00 price target for the company. Weiss Ratings cut Everspin Tech from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, August 25th. Finally, Needham & Company LLC raised their target price on Everspin Tech from $18.50 to $19.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Everspin Tech currently has a consensus rating of "Hold" and an average target price of $22.00.

About Everspin Tech

Everspin Technologies, Inc develops and supplies magnetic random-access memory (MRAM) products. Its nonvolatile memory solutions retain data when power is removed and are designed for applications that require fast performance, high endurance and reliable data retention.

The company offers MRAM products based on toggle and spin-transfer torque (STT) technologies, including parallel and serial-interface memory devices, as well as higher-density solutions for embedded and storage applications.

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