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

Everspin Technologies (NASDAQ:MRAM - Get Free Report) released its quarterly 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. Everspin Technologies had a net margin of 14.20% and a return on equity of 18.96%. The company had revenue of $14.43 million during the quarter. During the same quarter in the previous year, the business earned $0.04 EPS. Everspin Technologies updated its Q2 2024 guidance to -0.140--0.090 EPS.

Everspin Technologies Trading Down 13.1 %

MRAM stock traded down $0.98 during trading on Thursday, reaching $6.51. 430,345 shares of the stock were exchanged, compared to its average volume of 98,346. The firm's 50 day moving average is $7.93 and its 200 day moving average is $8.58. Everspin Technologies has a twelve month low of $6.11 and a twelve month high of $10.50. The firm has a market cap of $138.21 million, a P/E ratio of 15.50 and a beta of 0.99.

Insider Buying and Selling

In related news, CFO Anuj Aggarwal sold 12,852 shares of the company's stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total transaction of $100,759.68. Following the transaction, the chief financial officer now directly owns 289,924 shares of the company's stock, valued at approximately $2,273,004.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Anuj Aggarwal sold 12,852 shares of the company's stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total transaction of $100,759.68. Following the transaction, the chief financial officer now directly owns 289,924 shares of the company's stock, valued at approximately $2,273,004.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David Schrenk sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $8.03, for a total value of $40,150.00. Following the transaction, the vice president now directly owns 115,767 shares in the company, valued at $929,609.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,968 shares of company stock valued at $590,033. 6.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MRAM. Craig Hallum cut their target price on Everspin Technologies from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday. Needham & Company LLC cut their target price on Everspin Technologies from $12.00 to $8.00 and set a "buy" rating on the stock in a research report 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.