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Sanjeev Aggarwal, President and CEO of Everspin Technologies Inc . (NASDAQ:MRAM), recently sold shares of the company's common stock valued at approximately $176,484. The transaction, executed on January 3, 2025, involved the sale of 28,058 shares at a price of $6.29 each. This sale was conducted to cover tax obligations related to the vesting of restricted stock units. The stock currently trades at $6.59, with InvestingPro analysis suggesting fair valuation. The company, with a market capitalization of $145 million, maintains strong liquidity with a current ratio of 6.74 and holds more cash than debt on its balance sheet.
In addition to this transaction, Aggarwal exercised options to acquire 2,813 shares of Everspin common stock on January 6, 2025, at prices ranging from $2.23 to $2.56 per share. Following these transactions, Aggarwal's total direct ownership stands at 414,970 shares. With a gross profit margin of 53.9%, InvestingPro data reveals the company trades at a high P/E multiple of 91.7x. Discover more insights and 7 additional ProTips with an InvestingPro subscription.
In other recent news, Everspin Technologies reported its third-quarter financial results, revealing an earnings per share (EPS) of $0.10, which exceeded market expectations. The company also announced a revenue of $12.1 million, aligning with its guidance. Despite a decrease in revenue and gross margin compared to the previous year, Everspin achieved a net income of $2.3 million.
Recent developments include Everspin's strategic partnerships with IBM (NYSE:IBM) and Lucid Motors (NASDAQ:LCID), integrating its STT-MRAM technology into IBM's FlashCore Module 4 and Lucid Motors' Gravity SUV respectively. The company also secured a $9.25 million contract with Frontgrade Technologies, indicating potential growth in STT-MRAM product revenue.
Looking ahead, Everspin projects a Q4 revenue between $12 million and $13 million, aiming for positive GAAP net income. The company expects continued growth in product revenue and design wins, with a focus on energy-efficient AI solutions. Despite challenges such as a year-over-year decline in MRAM product sales and licensing revenue, Everspin maintains a strong financial position with a robust balance sheet and positive cash flow projections for Q4 2024.
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