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In recent transactions involving Everspin Technologies Inc . (NASDAQ:MRAM), President and CEO Sanjeev Aggarwal sold a total of 29,795 shares, amounting to $145,996. These sales were disclosed in a recent SEC filing and come as the stock trades near its 52-week low of $4.74, having declined 25.5% year-to-date. According to InvestingPro data, analysts maintain price targets between $8-10, suggesting potential upside.
On April 2, Aggarwal sold 16,845 shares at a price of $5.00 each, totaling $84,225. The sale was made to cover taxes due upon the vesting of Restricted Stock Units. The following day, April 3, he sold an additional 12,950 shares at a weighted average price of $4.77, totaling $61,771. This transaction was conducted under a Rule 10b5-1 trading plan established in December 2024. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with the company’s next earnings report scheduled for April 30.
After these transactions, Aggarwal retains ownership of 625,033 shares of Everspin Technologies, representing a significant stake in the $105.6 million market cap company. For deeper insights into insider trading patterns and 8 additional key metrics, check out the comprehensive analysis available on InvestingPro.
In other recent news, Everspin Technologies reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.05, compared to the anticipated loss of $0.03. The company’s revenue for the quarter was $13.2 million, exceeding the forecasted $12.7 million. Everspin’s gross margin stood at 51.3%, and the company noted a year-over-year decline in full-year revenue to $50.4 million, down 21%. Additionally, Everspin has partnered with Purdue University on a $10.5 million AI research initiative, with a current phase contract valued at $4 million. This collaboration, part of the CHEETA project, aims to develop energy-efficient AI solutions using Everspin’s MRAM technology. In terms of market perception, Everspin’s stock received a positive reaction following these announcements. Furthermore, the company is focusing on expanding its MRAM product line and strengthening partnerships, as highlighted by their ongoing projects with Lattice (OTC:LTTC) Semiconductor and QuickLogic (NASDAQ:QUIK). These developments reflect Everspin’s strategic initiatives to enhance its technological offerings and market presence.
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