Everspin Technologies Inc 's (NASDAQ:MRAM) Vice President of Sales and Business Development, David Schrenk, has sold a total of 1,206 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on March 15, 2024, was executed at a price of $7.98 per share, resulting in a total sale value of $9,623.88.
The sale was conducted solely to cover the tax liability associated with the vesting of Restricted Stock Units, as indicated by a footnote in the filing. Following the transaction, Schrenk's direct ownership in Everspin Technologies stands at 114,308 shares.
Investors often monitor insider sales as they may provide insights into an executive's view of the company's current valuation and future prospects. However, sales to cover tax obligations are common and typically not indicative of a change in an executive's confidence in the company.
Everspin Technologies, based in Chandler, Arizona, is a semiconductor company specializing in the design and manufacture of magnetic random-access memory (MRAM) products. The company is known for its innovation in non-volatile memory technology, which is critical for a wide range of applications in the tech industry.
This insider transaction comes as part of regular financial disclosures required by company executives and is publicly available for investor review.
InvestingPro Insights
As Everspin Technologies Inc (NASDAQ:MRAM) continues to navigate the semiconductor industry, recent data from InvestingPro provides a snapshot of the company's financial health and market position. With a market capitalization of $169.17 million and a P/E ratio standing at 18.3, the company presents an interesting case for investors considering the tech sector.
InvestingPro Tips highlight that Everspin Technologies holds more cash than debt on its balance sheet, which may suggest a stable financial footing. Furthermore, the company is trading at a low P/E ratio relative to near-term earnings growth, potentially indicating an undervalued stock in comparison to its growth prospects.
From a performance standpoint, Everspin Technologies has reported a revenue growth of 6.3% over the last twelve months as of Q4 2023, alongside a gross profit margin of 58.41%. These figures reflect the company's ability to maintain profitability and could be a reassuring signal for investors. Additionally, analysts predict the company will be profitable this year, which could drive positive sentiment in the market.
For those looking to delve deeper into Everspin Technologies' financials and future outlook, InvestingPro offers a wealth of additional tips. There are 6 more InvestingPro Tips available for MRAM, which can provide a more comprehensive understanding of the company's investment potential. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With its next earnings date approaching on May 8, 2024, and a fair value estimate of $8.8 according to InvestingPro, Everspin Technologies remains a company to watch in the dynamic landscape of memory technology.
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