In a recent transaction filed with the Securities and Exchange Commission, David Schrenk, the Vice President of Sales and Business Development at Everspin Technologies Inc . (NASDAQ:MRAM), sold a total of 253 shares of the company's common stock. The transaction took place on March 13, 2024, and the shares were sold at a price of $8.16 each, amounting to a total value of over $2,000.
The sale was conducted solely to cover taxes due upon the vesting of Restricted Stock Units, as clarified in the footnotes of the filing. Following the sale, Schrenk's remaining direct ownership in Everspin Technologies stands at 115,514 shares of common stock.
Everspin Technologies, based in Chandler, Arizona, specializes in the manufacturing of semiconductors and related devices. The company's stock trades under the ticker MRAM on the NASDAQ exchange.
Investors and market watchers often look to insider transactions such as these to gauge sentiment and potential future movements of a company's stock. However, it should be noted that insider sales can occur for various reasons and may not necessarily indicate a negative outlook on the company's future performance.
The transaction was signed off by Anthony Griff, acting as Attorney-in-Fact for David Schrenk, and was filed the day after the transaction date.
InvestingPro Insights
Everspin Technologies Inc. (NASDAQ:MRAM) has shown a blend of financial stability and growth potential as reflected in recent data. With a market capitalization of $172.78 million, and a P/E ratio standing at 18.53, the company presents an interesting case for investors. Notably, Everspin Technologies is trading at a low P/E ratio relative to its near-term earnings growth, which could suggest that the stock is undervalued given its growth prospects.
On the liquidity front, Everspin Technologies holds more cash than debt on its balance sheet, providing a solid foundation for operational flexibility and potential growth initiatives. Additionally, its liquid assets exceed short-term obligations, indicating the company's capability to meet its short-term liabilities. These factors are crucial for investors assessing the financial health of a company.
From a profitability perspective, analysts predict that Everspin Technologies will be profitable this year, an affirmation supported by the fact that the company has been profitable over the last twelve months. This is an essential metric for investors looking for companies with a track record of generating profits.
For those interested in diving deeper into Everspin Technologies' financials and future outlook, more InvestingPro Tips are available. In total, there are 7 additional tips listed on InvestingPro, which can provide further insights into the company's financial performance and stock valuation. To explore these insights and more, visit the company's dedicated page at https://www.investing.com/pro/MRAM. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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