Everspin Technologies (NASDAQ:MRAM) announced its quarterly earnings results on Thursday. The business services provider reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.03, Briefing.com reports. The company had revenue of $12.30 million during the quarter, compared to analysts’ expectations of $12.00 million. Everspin Technologies had a negative return on equity of 67.47% and a negative net margin of 37.90%. Everspin Technologies’s revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.35) EPS. Everspin Technologies updated its Q1 2019 guidance to $-0.28–0.24 EPS and its Q1 guidance to (-0.28)-(-0.24) EPS.
Shares of MRAM traded down $0.05 on Friday, hitting $8.34. The company’s stock had a trading volume of 3,203 shares, compared to its average volume of 75,942. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.36 and a current ratio of 2.95. Everspin Technologies has a fifty-two week low of $5.30 and a fifty-two week high of $11.20. The firm has a market capitalization of $143.42 million, a PE ratio of -4.63 and a beta of 2.52.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its position in shares of Everspin Technologies by 6.1% in the 2nd quarter. BlackRock Inc. now owns 182,481 shares of the business services provider’s stock valued at $1,628,000 after purchasing an additional 10,444 shares during the period. Virtu Financial LLC acquired a new position in shares of Everspin Technologies in the 4th quarter valued at approximately $61,000. Bank of New York Mellon Corp acquired a new position in shares of Everspin Technologies in the 4th quarter valued at approximately $80,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Everspin Technologies in the 4th quarter valued at approximately $80,000. Finally, Salem Investment Counselors Inc. acquired a new position in shares of Everspin Technologies in the 3rd quarter valued at approximately $147,000. Institutional investors and hedge funds own 40.62% of the company’s stock.
MRAM has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Everspin Technologies in a research note on Wednesday, February 20th. ValuEngine raised Everspin Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, January 29th. Finally, Zacks Investment Research cut Everspin Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $11.83.
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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