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

Everspin Technologies (NASDAQ:MRAM) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of -0.140–0.090 for the period, compared to the consensus earnings per share estimate of -0.060. The company issued revenue guidance of $10.0 million-$11.0 million, compared to the consensus revenue estimate of $10.7 million.

Everspin Technologies Price Performance

Shares of NASDAQ:MRAM traded up $0.11 during trading on Thursday, hitting $6.69. 147,382 shares of the company were exchanged, compared to its average volume of 127,891. The company has a market cap of $143.98 million, a PE ratio of 18.08 and a beta of 0.91. Everspin Technologies has a 52-week low of $5.54 and a 52-week high of $10.50. The stock has a 50 day moving average of $6.12 and a 200 day moving average of $7.45.

Everspin Technologies (NASDAQ:MRAM) last announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.04). The firm had revenue of $14.43 million during the quarter. Everspin Technologies had a return on equity of 15.70% and a net margin of 12.77%. During the same quarter last year, the firm posted $0.04 earnings per share.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MRAM shares. StockNews.com upgraded shares of Everspin Technologies from a hold rating to a buy rating in a report on Thursday, May 30th. Needham & Company LLC dropped their target price on shares of Everspin Technologies from $12.00 to $8.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, Craig Hallum decreased their price target 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, May 2nd.

Insider Transactions at Everspin Technologies

In other Everspin Technologies news, CFO Anuj Aggarwal sold 12,984 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $6.01, for a total transaction of $78,033.84. Following the completion of the sale, the chief financial officer now directly owns 276,940 shares of the company’s stock, valued at $1,664,409.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Everspin Technologies news, CFO Anuj Aggarwal sold 12,984 shares of Everspin Technologies stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $6.01, for a total transaction of $78,033.84. Following the completion of the transaction, the chief financial officer now owns 276,940 shares in the company, valued at approximately $1,664,409.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjeev Aggarwal sold 17,631 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $6.01, for a total transaction of $105,962.31. Following the sale, the chief executive officer now owns 459,048 shares in the company, valued at approximately $2,758,878.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,424 shares of company stock worth $207,009. Insiders own 6.10% of the company’s stock.

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.