Everspin Tech (NASDAQ:MRAM) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Everspin Tech (NASDAQ:MRAM) issued its earnings results on Wednesday. The business services provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01, FiscalAI reports. The company had revenue of $14.80 million during the quarter, compared to analyst estimates of $14.45 million. Everspin Tech had a negative return on equity of 0.89% and a negative net margin of 1.06%.

Everspin Tech Stock Performance

Shares of Everspin Tech stock traded up $0.18 on Wednesday, hitting $10.79. The company’s stock had a trading volume of 739,131 shares, compared to its average volume of 884,183. The company has a market capitalization of $246.66 million, a price-to-earnings ratio of -359.67 and a beta of 0.86. Everspin Tech has a 1 year low of $4.34 and a 1 year high of $17.24. The firm has a fifty day moving average price of $11.56 and a 200-day moving average price of $9.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Needham & Company LLC upped their target price on Everspin Tech from $8.00 to $10.50 and gave the company a “buy” rating in a research report on Monday, November 10th. Wall Street Zen lowered shares of Everspin Tech from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Everspin Tech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Everspin Tech has an average rating of “Hold” and a consensus target price of $10.50.

Insider Transactions at Everspin Tech

In other news, CFO William Earl Cooper sold 6,807 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $12.06, for a total value of $82,092.42. Following the completion of the sale, the chief financial officer directly owned 93,193 shares in the company, valued at $1,123,907.58. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Everspin Tech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in Everspin Tech by 55.1% during the first quarter. Rhumbline Advisers now owns 36,835 shares of the business services provider’s stock valued at $188,000 after purchasing an additional 13,086 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Everspin Tech during the 2nd quarter worth about $164,000. Marshall Wace LLP purchased a new position in Everspin Tech in the 2nd quarter valued at about $716,000. Jump Financial LLC acquired a new stake in Everspin Tech in the 2nd quarter worth about $159,000. Finally, Qube Research & Technologies Ltd increased its stake in Everspin Tech by 41.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 103,300 shares of the business services provider’s stock worth $650,000 after buying an additional 30,244 shares in the last quarter. Hedge funds and other institutional investors own 44.68% of the company’s stock.

About Everspin Tech

Everspin Technologies, Inc (NASDAQ: MRAM) is a semiconductor company specializing in the design, development and marketing of magnetoresistive random access memory (MRAM) solutions. Established in 2008 as a spin-out from Freescale Semiconductor, the company pioneered commercial MRAM products and continues to advance the technology through successive generations, including Toggle MRAM and spin-transfer torque (STT) MRAM. Everspin’s non-volatile memory devices offer a unique combination of performance, endurance and data retention for a variety of applications.

The company’s product portfolio includes discrete MRAM chips, embedded MRAM IP for integration into system-on-chip (SoC) designs and companion devices that leverage MRAM’s fast write speeds and low power consumption.