David Schrenk, Vice President of Sales and Business Development at Everspin Technologies Inc . (NASDAQ:MRAM), recently sold 2,381 shares of the company’s common stock. The shares were sold at a price of $6.23 each, totaling $14,833. Following this transaction, Schrenk holds 91,647 shares directly. According to a footnote in the filing, the sale was made to cover taxes due upon the vesting of Restricted Stock Units. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 6.74 and holds more cash than debt. Analyst price targets range from $8 to $10, suggesting potential upside. Get the complete financial health analysis and 7 additional key insights with InvestingPro.
In other recent news, Everspin Technologies disclosed its Q3 financial results, revealing an earnings per share (EPS) of $0.10, surpassing market expectations, and revenue of $12.1 million, which aligned with prior guidance. The company continues to strengthen its position in high-value sectors, as demonstrated by the integration of its STT-MRAM technology into IBM (NYSE:IBM)'s FlashCore Module 4 and Lucid Motors (NASDAQ:LCID)' Gravity SUV. Despite a year-over-year decline in revenue and gross margin, the company reported a net income of $2.3 million and maintains a robust balance sheet.
Everspin also secured a $9.25 million contract with Frontgrade Technologies and anticipates growth in STT-MRAM product revenue. However, the company experienced a decrease in Q3 year-over-year revenue due to lower MRAM product sales and licensing revenue. The GAAP gross margin also declined due to reduced sales, but GAAP net income exceeded guidance.
Looking ahead, Everspin projects Q4 revenue to be between $12 million and $13 million, aiming for positive GAAP net income. The company expects continued growth in product revenue and design wins, focusing on energy-efficient AI solutions. Despite challenges such as a year-over-year decline in MRAM product sales and licensing revenue, Everspin remains optimistic about its financial position and future growth potential.
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