Everspin Technologies Inc . (NASDAQ:MRAM) Vice President of Sales and Business Development, David Schrenk, recently sold 1,560 shares of company stock, a filing with the Securities and Exchange Commission showed. The transaction, dated March 20, 2024, was executed at a price of $7.88 per share, resulting in a total sale value of $12,292.80.
According to the SEC filing, the shares were sold solely to cover taxes due upon the vesting of Restricted Stock Units, as indicated in the footnotes of the document. Following the sale, Schrenk still retains a substantial stake in the company, with 112,748 shares of Everspin Technologies remaining under his direct ownership.
Investors often monitor insider transactions as they can provide insights into an executive’s confidence in the company's prospects. However, it is not uncommon for executives to sell shares for reasons such as tax obligations or personal financial management, which are not necessarily indicative of their outlook on the company's future performance.
Everspin Technologies, a leader in the semiconductor industry, continues to be at the forefront of innovation in the field of magnetoresistive random-access memory (MRAM) technology. The company's stock performance and insider transactions are closely watched by investors seeking to understand market trends and the confidence insiders have in their company's growth and stability.
InvestingPro Insights
Everspin Technologies Inc. (NASDAQ:MRAM) has recently been in the spotlight due to insider transactions, but what does the broader financial picture look like for the company? According to InvestingPro, MRAM holds a market capitalization of $177.45 million, reflecting its standing in the semiconductor industry. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at 19.33, which suggests that the stock is trading at a reasonable valuation when paired with its near-term earnings growth.
InvestingPro data further indicates that Everspin Technologies has a Price to Earnings Growth (PEG) ratio of 0.43 for the last twelve months as of Q4 2023, which can be a sign that the stock is undervalued based on its earnings growth. Additionally, the company has a solid gross profit margin of 58.41%, demonstrating its ability to maintain profitability relative to revenue.
Among the InvestingPro Tips for MRAM, two particularly stand out: the company is said to be trading at a low P/E ratio relative to near-term earnings growth, and analysts predict the company will be profitable this year. These insights could be valuable for investors considering the recent insider sale and contemplating the overall financial health of Everspin Technologies. For those looking to delve deeper into the company's financials, the full list of InvestingPro Tips for MRAM can be found at Investing.com, with an additional 7 tips available to subscribers.
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