Chandler, AZ – Everspin Technologies Inc . (NASDAQ:MRAM), a leader in the semiconductor industry, disclosed a recent stock transaction involving its Vice President of Sales & Business Development, David Schrenk. According to the latest filing, Schrenk sold a total of 2,396 shares of the company's common stock.
The transaction, which took place on August 28, 2024, saw the shares sold at a price of $5.60 each, amounting to a total value of $13,417. It was noted that the sale was conducted solely to cover tax obligations related to the vesting of Restricted Stock Units, as indicated by a footnote in the filing.
Following this sale, Schrenk continues to hold a substantial number of shares in Everspin Technologies, with his ownership standing at 106,321 shares of common stock. The sale represents a minor adjustment to his holdings, indicating his continued investment in the company's future.
Everspin Technologies, known for its innovative work in the field of semiconductors and related devices, remains a significant player in the tech industry. Transactions like these provide insight into the financial moves of its top executives and are often of interest to current and potential investors monitoring the market for trends and patterns.
In other recent news, Everspin Technologies reported a second-quarter revenue of $10.6 million and a net loss of $0.12 per basic share. Despite challenges such as inventory consumption and unfavorable currency exchange rates, particularly in the Asia Pacific region, the company projects a stronger second half of the year with an anticipated revenue between $11.5 million and $12.5 million and a reduced net loss per share. In major developments, Everspin secured strategic contracts aimed at supporting the aerospace and defense sectors. These contracts, valued at $14.55 million and $1.25 million respectively, focus on the development and long-term supply of Magnetoresistive Random Access Memory (MRAM) solutions. Everspin's MRAM technology, known for its robustness and high performance, caters to applications where data retention is crucial. Additionally, Everspin announced a strategic agreement with a sensor device provider for foundry services. These recent developments highlight Everspin's commitment to growth and innovation.
InvestingPro Insights
Everspin Technologies Inc. (NASDAQ:MRAM) has been navigating a challenging market environment, as reflected in some key financial metrics. Despite the recent insider selling by Vice President David Schrenk, the company's balance sheet strength is highlighted by the fact that it holds more cash than debt, which is a reassuring sign for investors considering the company's financial stability. This is one of the valuable insights available from InvestingPro Tips, which also notes that Everspin Technologies is trading at a high earnings multiple with a P/E ratio of 69.5.
From a valuation standpoint, the company's market capitalization stands at $123.07 million, signaling a modest size within the semiconductor sector. The company's revenue for the last twelve months as of Q2 2024 was $58.24 million, with a notable gross profit margin of 56.66%, showcasing the company's ability to maintain profitability in its core operations. However, analysts are anticipating a sales decline in the current year, which is reflected in the revenue growth figure showing a decrease of 5.34% for the same period.
Investors should also be aware that the stock has experienced a considerable decline over the last six months, with a 39.39% drop in price total return, potentially offering a more attractive entry point for those who believe in the company's long-term prospects. Everspin Technologies is expected to announce its next earnings on November 7, 2024, which will provide further insights into the company's performance and outlook.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that can provide a more comprehensive understanding of Everspin Technologies' financial health and market position. Currently, there are 10 more tips listed on InvestingPro that could be particularly insightful for investors considering this stock.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.