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.
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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