Everspin Technologies (NASDAQ:MRAM) Releases Q2 2024 Earnings Guidance

Everspin Technologies (NASDAQ:MRAM - Get Free Report) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of -0.140--0.090 for the period, compared to the consensus estimate of 0.100. The company issued revenue guidance of $10.0 million-$11.0 million, compared to the consensus revenue estimate of $14.0 million.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC restated a buy rating and set a $12.00 price objective on shares of Everspin Technologies in a research note on Thursday, February 29th.

Everspin Technologies Price Performance

Everspin Technologies stock traded up $0.07 during midday trading on Wednesday, reaching $7.49. The company's stock had a trading volume of 103,371 shares, compared to its average volume of 94,353. The stock's 50-day simple moving average is $7.99 and its 200-day simple moving average is $8.61. Everspin Technologies has a 52-week low of $6.23 and a 52-week high of $10.50. The stock has a market capitalization of $159.01 million, a P/E ratio of 17.67 and a beta of 0.99.

Everspin Technologies (NASDAQ:MRAM - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The business services provider reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.05. Everspin Technologies had a return on equity of 18.96% and a net margin of 14.20%. The company had revenue of $16.71 million during the quarter.

Insider Activity

In other news, CEO Sanjeev Aggarwal sold 17,452 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $7.84, for a total value of $136,823.68. Following the transaction, the chief executive officer now directly owns 476,679 shares of the company's stock, valued at $3,737,163.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Everspin Technologies news, CEO Sanjeev Aggarwal sold 17,452 shares of the firm'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 value of $136,823.68. Following the sale, the chief executive officer now directly owns 476,679 shares of the company's stock, valued at $3,737,163.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anuj Aggarwal sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.21, for a total value of $164,200.00. Following the completion of the sale, the chief financial officer now directly owns 302,824 shares in the company, valued at $2,486,185.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,968 shares of company stock valued at $590,033. Company insiders own 6.10% of the company's stock.

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.

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