Micron Technology Inc. (NASDAQ:MU) has experienced a positive trend in the stock market, with a 2.79% increase in just one week. This article will analyze the factors contributing to the rise in the company’s stock.
During the last trading session, Micron Technology Inc. witnessed a significant number of shares, about 13.86 million, changing hands. The company’s beta currently measures at 1.34. The recent per share price level of $63.79, trading at $0.19 or 0.30% at the end of the trading day, assigns it a market valuation of $70.54 billion. This closing price indicates a discount of -17.21% from its 52-week high price of $74.77 and a premium of 24.08% from its 52-week low price of $48.43. The average trading volume for the past 10 days is 21.42 million shares, resulting in an average trading volume of 17.52 million shares when extended to 3 months.
As for analysts’ consensus, Micron Technology Inc. has an average recommendation of Overweight and a mean rating of 2.30. Out of the 37 analysts covering the stock, 1 rated it as a Sell, while 4 recommended an Overweight rating. Additionally, 11 suggested holding the stock, while 20 stated it as a Buy. 1 analyst advised it as Underweight. The company is expected to have an EPS of -$1.15 in the current quarter.
Over the past five days, Micron Technology Inc. has remained in the green, gaining 0.30%. It reached its highest value for the week on Wednesday, July 12th, when the stock touched $63.79, adding 1.41% to its value. Year-to-date, the company’s shares have shown a performance of 27.63%, while in the past 30 days, the performance was -2.51%. The number of shares sold short stands at 21.71 million, which would take 1.11 days to cover the short interests.
Wall Street analysts have assigned a consensus price target of $76.88 to the stock, suggesting a rise of 17.03% from its current value. The low price target is projected at $46.00, while the high target is set at $100.00. Achieving the high target would result in a drop of -56.76% from the current price, while reaching the low target would represent a gain of 27.89% from the current value.
However, the company has recently revised its revenue forecast for fiscal year 2023, estimating a decrease of -179.30% in the current quarter and a decrease of -2,275.00% in the next quarter. The anticipated revenue growth for this year is -49.80% compared to the previous financial year.
Industry analysts estimate that the company’s current quarter revenue will reach $3.92 billion, while the next quarter will generate $4.17 billion in revenue, ending in November 2023.
Analyzing the company’s earnings over the past five years, Micron Technology Inc. has posted an average annual earnings growth rate of 11.90%.
Investors are eagerly awaiting the next quarterly report from Micron Technology Inc., which is expected to be released between September 27th and October 2nd. Despite the challenges arising from mounting debt, investors are confident that the company will announce better current-quarter dividends.
Regarding ownership, insiders hold 0.28% of the company’s total shares, while institutions own 84.20%. The stock has a share float percentage of 84.44%. The top institutional holder is Vanguard Group, Inc. (The), with 92.94 million shares worth $5.93 billion, representing 8.49% of the outstanding shares.
Blackrock Inc. is the second-largest institutional holder, with approximately 85.54 million shares valued at $5.46 billion, accounting for 7.81% of the outstanding shares.
Among the top mutual funds that own Micron Technology Inc.’s shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. As of December 30th, 2022, the former held 33.04 million shares worth $2.11 billion (3.02% of outstanding shares), while the latter possessed 25.13 million shares worth approximately $1.6 billion (2.30% of outstanding shares).
In conclusion, Micron Technology Inc. has seen significant growth in its stock value over the past week. Factors contributing to this increase include positive trading session volume, a lower valuation compared to the 52-week high price, a positive consensus rating from analysts, and an anticipated rise in the company’s price target. However, the company has revised its revenue forecast for fiscal year 2023, and investors eagerly await the next quarterly report to assess the company’s performance. Despite concerns regarding mounting debt, investors remain confident in Micron Technology Inc.’s potential for better dividends in the future.
