Everspin Technologies (NASDAQ:MRAM) Issues Q2 2022 Earnings Guidance

Posted by on Jun 8th, 2022

Everspin Technologies (NASDAQ:MRAM – Get Rating) updated its second quarter 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -$0.06-0 for the period, compared to the consensus estimate of $0.05. The company issued revenue guidance of $13.60 million-$14.60 million, compared to the consensus revenue estimate of $14.50 million.

MRAM stock opened at $6.18 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.33 and a quick ratio of 3.60. The company’s 50-day moving average is $6.87 and its 200-day moving average is $9.01. The stock has a market capitalization of $123.79 million, a PE ratio of 18.73 and a beta of 1.25. Everspin Technologies has a 1 year low of $5.06 and a 1 year high of $14.36.

A number of equities research analysts have commented on MRAM shares. Needham & Company LLC raised their price objective on Everspin Technologies from $12.00 to $13.00 and gave the company a strong-buy rating in a research note on Thursday, March 3rd. StockNews.com lowered shares of Everspin Technologies from a strong-buy rating to a buy rating in a research note on Friday, May 20th.

In other news, VP Troy Winslow sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $6.36, for a total value of $63,600.00. Following the transaction, the vice president now owns 23,113 shares in the company, valued at $146,998.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 10,966 shares of company stock valued at $71,809 over the last three months. Corporate insiders own 4.13% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Everspin Technologies by 14.6% during the 4th quarter. State Street Corp now owns 40,127 shares of the business services provider’s stock valued at $453,000 after buying an additional 5,100 shares during the last quarter. Northern Trust Corp lifted its position in shares of Everspin Technologies by 32.6% during the 4th quarter. Northern Trust Corp now owns 30,436 shares of the business services provider’s stock valued at $344,000 after buying an additional 7,485 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Everspin Technologies by 16.2% during the 4th quarter. JPMorgan Chase & Co. now owns 28,483 shares of the business services provider’s stock valued at $322,000 after buying an additional 3,972 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Everspin Technologies during the 4th quarter valued at $321,000. Finally, Morgan Stanley lifted its position in shares of Everspin Technologies by 21.3% during the 2nd quarter. Morgan Stanley now owns 49,503 shares of the business services provider’s stock valued at $318,000 after buying an additional 8,692 shares during the last quarter. 54.57% of the stock is owned by institutional investors and hedge funds.

About Everspin Technologies (Get Rating)

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM.

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