NVE stock hops on Q4, ’07 results
NVE Corp.’s (Nasdaq: NVEC) stock jumped in after-hours trading after the Eden Prairie, Minn.-based nanotechnology company beat analysts’ earnings and revenue estimates for its fiscal fourth quarter and year ended March 31.
NVE earned $1.56 million, or $0.33 per diluted share, on revenue of $4.6 million. Two analysts polled by Thomson First Call had estimated earnings per share of $0.27 on revenue of $4.38 million for the quarter.
For fiscal 2007, NVE reported net income of $4.8 million, or $1.00 per share, on revenue of $16.5 million. Analysts were expecting earnings per share of $0.95 on revenue of $16.3 million.
By 7:13 pm ET, shares were up by $4.37, or 14.8%, to $34.00. The company’s stock had closed up $1.80, or 6.5%, at $29.63. It has traded between $12.36 (on June 13, 2006) and $46.35 (on Nov. 22, 2006) in the past year.
Volume was unusually heavy, with nearly 584,000 shares changing hands, compared with an average volume of 208,213.
NVE said that its fourth quarter product sales increased 50% over the prior-year quarter to $4.2 million from $2.8 million.
In January, hedge fund Citadel LP disclosed an 8.3% stake in NVE.
NVE develops and sells devices using “spintronics,” a nanotechnology it helped pioneer, which utilizes electron spin rather than electron charge to acquire, store and transmit information.
