EVERSPIN TECH (MRAM) Announces Quarterly Earnings Results, Misses Expectations By $0.02 EPS
EVERSPIN TECH (NASDAQ:MRAM) released its quarterly earnings data on Thursday. The business services provider reported ($0.40) earnings per share for the quarter, missing the consensus estimate of ($0.38) by $0.02, Morningstar.com reports.
EVERSPIN TECH (NASDAQ MRAM) opened at 15.23 on Friday. EVERSPIN TECH has a 1-year low of $6.15 and a 1-year high of $25.39. The company has a 50 day moving average price of $20.84 and a 200-day moving average price of $13.06. The firm’s market capitalization is $190.51 million.
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MRAM has been the topic of several research analyst reports. Zacks Investment Research lowered EVERSPIN TECH from a “hold” rating to a “sell” rating in a research note on Friday, April 14th. Needham & Company LLC reissued a “buy” rating and set a $10.00 price target on shares of EVERSPIN TECH in a research note on Monday, April 17th. Finally, Stifel Nicolaus lifted their price target on EVERSPIN TECH from $11.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, June 5th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. EVERSPIN TECH has a consensus rating of “Buy” and a consensus target price of $13.20.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRAM. Renaissance Technologies LLC purchased a new position in EVERSPIN TECH during the first quarter worth approximately $126,000. Dialectic Capital Management LP purchased a new position in EVERSPIN TECH during the first quarter worth approximately $182,000. Concert Wealth Management Inc. purchased a new position in EVERSPIN TECH during the second quarter worth approximately $264,000. Wells Fargo & Company MN purchased a new position in EVERSPIN TECH during the second quarter worth approximately $322,000. Finally, Mesirow Financial Investment Management Equity Management purchased a new position in EVERSPIN TECH during the first quarter worth approximately $417,000. Institutional investors own 40.12% of the company’s stock.
About EVERSPIN TECH
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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