Everspin Technologies (NASDAQ:MRAM) Issues Q2 2023 Earnings Guidance

On Wednesday, updated its guidance for the second quarter of 2023. The company gave a EPS forecast of 0-$0.05, compared with the consensus estimate of $0.06. The company provided revenue guidance between $14.50 and $15.50 millions, compared with the consensus estimate of $14.80.

Analyst Ratings Changes

MRAM's shares have been the subject of several analyst opinions. In a report published on Thursday 16th March, Everspin Technologies was covered. On Friday, the stock rose $0.33 to $7.42. 100,443 of the shares were traded, compared with its average trading volume of 48702. Everspin Technologies's 1-year low is $4.71, and its 1-year high is $9.41. The company has a moving average of $6.54 for the past fifty days and $6.36 for the last two hundred. The company has a market cap of $152,18 million. It also has a PE of 32.26, and a beta value of 1.30.

The company announced its latest quarterly results on March 1st. The provider of business services reported earnings per share for the first quarter of $0.02, falling short by $0.01 from analysts' expectations. During the quarter, revenue was $15.69 millions. Everspin Technologies' net margin was 8.19%, and its return on equity was 13.68%.

Insiders Bet on the Future

In other Everspin Technologies news, CEO
Sanjeev Aggarwal
sold 5,536 shares of Everspin Technologies stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $6.62, for a total transaction of $36,648.32. Following the completion of the transaction, the chief executive officer now owns 260,784 shares in the company, valued at $1,726,390.08. The sale was disclosed in a document filed with the SEC, which is accessible through
this hyperlink
. In other Everspin Technologies news, CFO Anuj Aggarwal sold 5,139 shares of the firm's stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $6.62, for a total transaction of $34,020.18. Following the sale, the chief financial officer now directly owns 220,775 shares of the company's stock, valued at approximately $1,461,530.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through
the SEC website
. Also, CEO
Sanjeev Aggarwal
sold 5,536 shares of the stock in a transaction on Tuesday, April 4th. The stock was sold at an average price of $6.62, for a total value of $36,648.32. Following the transaction, the chief executive officer now directly owns 260,784 shares in the company, valued at approximately $1,726,390.08. The disclosure for this sale can be found
here
. Over the last quarter, insiders sold 23,497 shares of company stock worth $155,036. Insiders own 4.13% of the company's stock.

Institutional Trading of Everspin Technologies

Hedge funds and institutional investors have made recent changes to their holdings in the company. Geode Capital Management LLC increased its holdings of Everspin Technologies shares by 1.3% in the 4th Quarter. Geode Capital Management LLC owns 149.709 shares worth $832,000 of the stock of the business service provider after purchasing 1,983 additional shares during the last quarter. Man Group plc increased its holdings of Everspin Technologies shares by 17.2% in the 4th quarter. Man Group plc owns now 14,997 shares worth $83,000 of the stock of the business service provider after purchasing an additional 2,200 in the last quarter. PDT Partners LLC increased its holdings of Everspin Technologies shares by 13.6% in the first quarter. PDT Partners LLC owns 21,588 of the stock of the business service provider valued at $188,000, after purchasing an additional 2,588 in the last quarter. Vanguard Group Inc. increased its holdings of Everspin Technologies shares by 0.6% in the third quarter. Vanguard Group Inc. owns now 740,301 of the stock of the business service provider valued at $4.287,000, after purchasing an additional 4,069 during the period. JPMorgan Chase & Co. increased its holdings of Everspin Technologies shares by 32,978.6% in the fourth quarter. JPMorgan Chase & Co. owns 4,631 of the stock of the business service provider valued at $26,000, after purchasing an additional 4,617 during the period. Institutional investors and hedge fund currently own 41.91%.

Everspin Technologies Company profile

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Everspin Technologies, Inc provides magnetoresistive random-access memory (MRAM). The company's products include Toggle MRAMs, Spin-transfer Torque MRAMs, TMR Sensors and Embedded MRAMs. Saied Tehrani founded the company in June 2008. Its headquarters is in Chandler, AZ.

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