Everspin Technologies (MRAM) Posts Earnings Results, Beats Expectations By $0.01 EPS

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Everspin Technologies (NASDAQ:MRAM) posted its quarterly earnings results on Thursday. The business services provider reported ($0.33) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.34) by $0.01, Briefing.com reports. Everspin Technologies had a negative net margin of 39.62% and a negative return on equity of 75.89%. The firm had revenue of $11.52 million for the quarter, compared to analyst estimates of $10.80 million. During the same period in the prior year, the firm posted ($0.43) earnings per share. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. Everspin Technologies updated its Q4 guidance to $(0.22)-(0.18) EPS.

NASDAQ MRAM traded up $0.06 on Friday, hitting $7.72. 73,471 shares of the stock were exchanged, compared to its average volume of 43,429. The company has a current ratio of 3.20, a quick ratio of 2.57 and a debt-to-equity ratio of 0.17. Everspin Technologies has a 52 week low of $6.33 and a 52 week high of $11.48. The firm has a market capitalization of $128.47 million, a P/E ratio of -4.57 and a beta of 2.30.

Several analysts have issued reports on the stock. Zacks Investment Research raised shares of Everspin Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. TheStreet lowered shares of Everspin Technologies from a “c-” rating to a “d” rating in a research report on Friday, September 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Everspin Technologies in a research report on Thursday, August 9th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Everspin Technologies has a consensus rating of “Buy” and an average target price of $13.75.

A number of hedge funds and other institutional investors have recently bought and sold shares of MRAM. Northern Trust Corp acquired a new position in shares of Everspin Technologies in the first quarter valued at $155,000. Millennium Management LLC acquired a new position in shares of Everspin Technologies in the first quarter valued at $647,000. Royal Bank of Canada increased its holdings in shares of Everspin Technologies by 14.2% in the first quarter. Royal Bank of Canada now owns 226,916 shares of the business services provider’s stock valued at $1,713,000 after purchasing an additional 28,166 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Everspin Technologies in the second quarter valued at $115,000. Finally, BlackRock Inc. increased its holdings in shares of Everspin Technologies by 6.1% in the second quarter. BlackRock Inc. now owns 182,481 shares of the business services provider’s stock valued at $1,628,000 after purchasing an additional 10,444 shares during the last quarter. 34.54% of the stock is currently owned by hedge funds and other institutional investors.

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About Everspin Technologies

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products to customers in the United States and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, embedded MRAM, magnetic sensor, and aerospace and satellite electronic systems. The company provides its products for applications, including industrial, automotive, transportation, and enterprise storage markets.

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Earnings History for Everspin Technologies (NASDAQ:MRAM)

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