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

Everspin Technologies (NASDAQ:MRAM) issued its quarterly earnings results on Thursday. The business services provider reported ($0.33) earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $11.52 million during the quarter, compared to the consensus estimate of $10.80 million. During the same quarter in the prior year, the firm posted ($0.43) EPS. The firm’s quarterly revenue was up 27.9% on a year-over-year basis. Everspin Technologies updated its Q4 guidance to $(0.22)-(0.18) EPS.

MRAM stock traded up $0.06 during trading on Friday, reaching $7.72. 73,471 shares of the company were exchanged, compared to its average volume of 43,429. The stock has a market cap of $128.47 million, a price-to-earnings ratio of -4.57 and a beta of 2.30. Everspin Technologies has a twelve month low of $6.33 and a twelve month high of $11.48. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.20 and a quick ratio of 2.57.

A number of brokerages have recently weighed in on MRAM. TheStreet raised shares of Everspin Technologies from a “d” rating to a “c-” rating in a report on Monday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Everspin Technologies in a report on Thursday, August 9th. Finally, Zacks Investment Research downgraded shares of Everspin Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $13.75.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Everspin Technologies by 6.1% during the 2nd quarter. BlackRock Inc. now owns 182,481 shares of the business services provider’s stock worth $1,628,000 after purchasing an additional 10,444 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Everspin Technologies during the 2nd quarter worth approximately $115,000. Northern Trust Corp acquired a new position in Everspin Technologies during the 1st quarter worth approximately $155,000. Royal Bank of Canada increased its position in Everspin Technologies by 14.2% during the 1st quarter. Royal Bank of Canada now owns 226,916 shares of the business services provider’s stock worth $1,713,000 after purchasing an additional 28,166 shares in the last quarter. Finally, AWM Investment Company Inc. increased its position in Everspin Technologies by 2.4% during the 3rd quarter. AWM Investment Company Inc. now owns 1,624,042 shares of the business services provider’s stock worth $12,473,000 after purchasing an additional 38,061 shares in the last quarter. Institutional investors and hedge funds own 34.54% of the company’s stock.

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Everspin Technologies Company Profile

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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