Chipmaker Everspin surges on strong results, outlook

EverSpin Technologies

12/11/2021 17:04

** Shares of Everspin Technologies Inc  MRAM.O  surge ~50% after
the memory chipmaker reported upbeat Sept-qtr results
    ** Co late on Thur reported qtrly rev up 46% to $14.8 mln
from a year ago; two analysts covering co on avg expected $12.2
mln. Adjusted EPS was 9 cents vs analyst expectation of a 1 cent
loss, per Refinitiv
    ** Co also forecast Q4 rev up about 13% from Q3
    ** Brokerages Needham and Craig Hallum raised their PTs
following the report. Mean PT is now $11.50, up from $9.25 at
end of Oct. Stock last traded at $10.17
    ** Co in June said it would supply chips for Lucid's
 LCID.O  long-delayed Lucid Air luxury cars 
    ** Co develops magnetoresistive random-access memory, which
is not widely used in electronics industry
    ** MRAM up 112% YTD vs Nasdaq's  .IXIC  23% increase

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com; Twitter: @randewich;))