Everspin Technologies (NASDAQ:MRAM) Releases Q2 2022 Earnings Guidance

Everspin Technologies (NASDAQ:MRAMGet Rating) updated its second quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of -$0.06-0 for the period, compared to the consensus earnings per share estimate of $0.05. The company issued revenue guidance of $13.60 million-$14.60 million, compared to the consensus revenue estimate of $14.50 million.

MRAM has been the subject of several analyst reports. Needham & Company LLC lifted their price target on shares of Everspin Technologies from $12.00 to $13.00 and gave the stock a strong-buy rating in a research report on Thursday, March 3rd. StockNews.com raised shares of Everspin Technologies from a buy rating to a strong-buy rating in a research report on Thursday.

NASDAQ:MRAM opened at $5.96 on Friday. Everspin Technologies has a one year low of $5.00 and a one year high of $14.36. The company has a market cap of $118.90 million, a P/E ratio of 18.06 and a beta of 1.26. The firm’s fifty day moving average price is $7.89 and its two-hundred day moving average price is $9.31. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.56 and a quick ratio of 2.94.

Everspin Technologies (NASDAQ:MRAMGet Rating) last released its quarterly earnings data on Wednesday, March 2nd. The business services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.05 by $0.14. Everspin Technologies had a net margin of 11.38% and a return on equity of 29.78%. The firm had revenue of $18.22 million for the quarter. During the same quarter in the prior year, the firm earned ($0.08) earnings per share.

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in Everspin Technologies by 2.4% during the first quarter. Renaissance Technologies LLC now owns 269,806 shares of the business services provider’s stock worth $2,350,000 after purchasing an additional 6,300 shares during the period. Vanguard Group Inc. lifted its position in Everspin Technologies by 15.6% during the first quarter. Vanguard Group Inc. now owns 736,232 shares of the business services provider’s stock worth $6,413,000 after purchasing an additional 99,584 shares during the period. Bank of New York Mellon Corp lifted its position in Everspin Technologies by 39.9% during the first quarter. Bank of New York Mellon Corp now owns 56,919 shares of the business services provider’s stock worth $496,000 after purchasing an additional 16,245 shares during the period. BlackRock Inc. lifted its position in Everspin Technologies by 56.1% during the fourth quarter. BlackRock Inc. now owns 276,903 shares of the business services provider’s stock worth $3,129,000 after purchasing an additional 99,548 shares during the period. Finally, Walleye Trading LLC bought a new stake in Everspin Technologies during the fourth quarter worth about $564,000. Institutional investors and hedge funds own 54.57% of the company’s stock.

About Everspin Technologies (Get Rating)

Everspin Technologies, Inc manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM.

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