Everspin Tech (MRAM) Expected to Post Quarterly Sales of $9.85 Million
Wall Street analysts expect that Everspin Tech (NASDAQ:MRAM) will announce sales of $9.85 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Everspin Tech’s earnings. The lowest sales estimate is $9.80 million and the highest is $9.90 million. Everspin Tech reported sales of $7.16 million during the same quarter last year, which would suggest a positive year over year growth rate of 37.6%. The business is scheduled to report its next earnings report on Monday, November 13th.
On average, analysts expect that Everspin Tech will report full year sales of $9.85 million for the current fiscal year, with estimates ranging from $37.50 million to $37.80 million. For the next financial year, analysts forecast that the firm will report sales of $77.55 million per share, with estimates ranging from $66.80 million to $88.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Everspin Tech.
Everspin Tech (NASDAQ:MRAM) last announced its quarterly earnings data on Thursday, August 10th. The business services provider reported ($0.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.02). The firm had revenue of $8.93 million for the quarter, compared to analysts’ expectations of $8.75 million.
A number of research analysts have recently commented on MRAM shares. Stifel Nicolaus increased their target price on Everspin Tech from $11.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, June 5th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 target price on shares of Everspin Tech in a research report on Monday, June 12th. Canaccord Genuity reiterated a “buy” rating and set a $18.00 target price (up from $12.00) on shares of Everspin Tech in a research report on Monday, August 14th. Finally, Zacks Investment Research downgraded Everspin Tech from a “hold” rating to a “sell” rating in a research report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Everspin Tech presently has an average rating of “Buy” and a consensus target price of $16.60.
Shares of Everspin Tech (MRAM) opened at 16.00 on Tuesday. The company’s market capitalization is $202.78 million. Everspin Tech has a one year low of $6.15 and a one year high of $17.74. The stock has a 50 day moving average of $16.60 and a 200-day moving average of $16.60.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mutual of America Capital Management LLC lifted its position in Everspin Tech by 10.4% in the first quarter. Mutual of America Capital Management LLC now owns 302,449 shares of the business services provider’s stock worth $2,535,000 after buying an additional 28,472 shares during the last quarter. Bamco Inc. NY lifted its position in Everspin Tech by 15.5% in the second quarter. Bamco Inc. NY now owns 202,725 shares of the business services provider’s stock worth $4,050,000 after buying an additional 27,183 shares during the last quarter. Herald Investment Management Ltd bought a new stake in Everspin Tech in the first quarter worth $1,223,000. Royce & Associates LP bought a new stake in Everspin Tech in the second quarter worth $2,833,000. Finally, Vanguard Group Inc. lifted its position in Everspin Tech by 248.2% in the second quarter. Vanguard Group Inc. now owns 138,842 shares of the business services provider’s stock worth $2,774,000 after buying an additional 98,963 shares during the last quarter. Institutional investors own 28.91% of the company’s stock.
Everspin Tech Company Profile
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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