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.
COPYRIGHT VIOLATION WARNING: This story was published by Equities Focus and is the property of of Equities Focus. If you are accessing this story on another website, it was copied illegally and republished in violation of US & international copyright law. The original version of this story can be read at https://www.equitiesfocus.com/2018/11/10/everspin-technologies-mram-posts-earnings-results-beats-expectations-by-0-01-eps.html.
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.
Featured Article: What factors cause inflation to rise?
Receive News & Ratings for Everspin Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Everspin Technologies and related companies with MarketBeat.com's FREE daily email newsletter.