Everspin Technologies (NASDAQ:MRAM) announced its quarterly earnings results on Thursday. The business services provider reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.01, Briefing.com reports. The company had revenue of $11.52 million for the quarter, compared to analysts’ expectations of $10.80 million. Everspin Technologies had a negative net margin of 39.62% and a negative return on equity of 75.89%. The business’s quarterly revenue was up 27.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.43) earnings per share. Everspin Technologies updated its Q4 guidance to $(0.22)-(0.18) EPS.
MRAM traded up $0.06 during trading on Friday, hitting $7.72. The company had a trading volume of 73,471 shares, compared to its average volume of 43,429. The company has a current ratio of 3.20, a quick ratio of 2.57 and a debt-to-equity ratio of 0.17. Everspin Technologies has a one year low of $6.33 and a one year high of $11.48. The stock has a market capitalization of $128.47 million, a P/E ratio of -4.57 and a beta of 2.30.
Hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC acquired a new stake in Everspin Technologies in the 2nd quarter valued at $115,000. Northern Trust Corp acquired a new stake in Everspin Technologies in the 1st quarter valued at $155,000. Millennium Management LLC acquired a new stake in Everspin Technologies in the 1st quarter valued at $647,000. Handelsinvest Investeringsforvaltning acquired a new stake in Everspin Technologies in the 3rd quarter valued at $1,075,000. Finally, BlackRock Inc. increased its stake in 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 buying an additional 10,444 shares during the last quarter. Hedge funds and other institutional investors own 34.54% of the company’s stock.
Several research firms recently commented on MRAM. Zacks Investment Research raised shares of Everspin Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 10th. TheStreet cut shares of Everspin Technologies from a “c-” rating to a “d” rating in a research report on Friday, September 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Everspin Technologies in a research report on Thursday, August 9th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $13.75.
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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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