Everspin Technologies (NASDAQ:MRAM) stock is gaining on Friday and investors in the semiconductor company have plenty to celebrate today.
The rise in price for MRAM stock today comes alongside the release of its most recent earnings report. This report includes positive results, which explains why holders of the company’s shares are smiling today.
Jumping into that earnings report, Everspin Technologies brought in diluted earnings per share of 5 cents, which is better than Wall Street’s estimate of -1 cents per share. It’s also an improvement over the -21 cents per share from the same period of the year prior.
To go along with that, Everspin Technologies reported revenue of $14.8 million. Yet again, that comes in above analysts’ revenue estimate of $12.2 million. It also represents a 46.5% jump from Q3 2020’s revenue of $10.1 million.
Another highlight for holders of MRAM stock is a guidance update. This has the company expecting earnings per share between 2 cents and 8 cents on revenue of $16.25 million to $17.25 million. Those are both looking good next to Wall Street’s estimates of 1 cent per share and $12.75 million.
The extra attention for MRAM stock today is turning into heavy trading for the shares. As a result, some 59 million shares of the stock have changed hands. That’s an impressive leap over its daily average trading volume of just about 122,000 shares.
MRAM stock is up 42.3% as of Friday afternoon.
There’s more stock news to delve into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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