Everspin Technologies (NASDAQ:MRAM) announced its quarterly earnings results on Thursday. The business services provider reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.01, Briefing.com reports. The business had revenue of $11.52 million for the quarter, compared to analyst estimates of $10.80 million. Everspin Technologies had a negative return on equity of 75.89% and a negative net margin of 39.62%. The company’s quarterly revenue was up 27.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.43) earnings per share. Everspin Technologies updated its Q4 guidance to $(0.22)-(0.18) EPS.
Shares of MRAM stock traded up $0.06 during trading hours on Friday, reaching $7.72. The company had a trading volume of 73,471 shares, compared to its average volume of 43,429. Everspin Technologies has a 12 month low of $6.33 and a 12 month high of $11.48. The company has a quick ratio of 2.57, a current ratio of 3.20 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $128.47 million, a PE ratio of -4.57 and a beta of 2.30.
Several hedge funds have recently bought and sold shares of the company. Northern Trust Corp purchased a new stake in shares of Everspin Technologies during the first quarter valued at approximately $155,000. Millennium Management LLC purchased a new stake in shares of Everspin Technologies during the first quarter valued at approximately $647,000. Royal Bank of Canada increased its position in shares of Everspin Technologies by 14.2% during 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 acquiring an additional 28,166 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Everspin Technologies during the second quarter valued at approximately $115,000. Finally, BlackRock Inc. increased its position in shares of Everspin Technologies by 6.1% during the second quarter. BlackRock Inc. now owns 182,481 shares of the business services provider’s stock valued at $1,628,000 after acquiring an additional 10,444 shares during the last quarter. Institutional investors own 34.54% of the company’s stock.
A number of research firms have recently weighed in on MRAM. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Everspin Technologies in a report on Thursday, August 9th. TheStreet upgraded Everspin Technologies from a “d” rating to a “c-” rating in a report on Monday, August 6th. Finally, Zacks Investment Research upgraded Everspin Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 10th. One 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. Everspin Technologies has a consensus rating of “Buy” and an average price target of $13.75.
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.
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