Micron Technology Inc. (NASDAQ:MU) shares, rose in value on Wednesday, 05/24/23, with the stock price up by 0.79% to the previous day’s close as strong demand from buyers drove the stock to $66.53.
Actively observing the price movement in the last trading, the stock closed the session at $66.01, falling within a range of $64.88 and $66.73. The value of beta (5-year monthly) was 1.41 whereas the PE ratio was 47.79 over 12-month period. Referring to stock’s 52-week performance, its high was $75.41, and the low was $48.43. On the whole, MU has fluctuated by 14.43% over the past month.
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With the market capitalization of Micron Technology Inc. currently standing at about $72.17 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jun 28, 2023 – Jul 03, 2023. The company’s Forward Dividend Ratio is 0.46, with its dividend yield at 0.69%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$1.55, which is expected to increase to -$0.59 for fiscal year -$4.51 and then to about $0.63 by fiscal year 2024. Data indicates that the EPS growth is expected to be -154.00% in 2024, while the next year’s EPS growth is forecast to be 114.00%.
Analysts have estimated the company’s revenue for the quarter at $3.69 billion, with a low estimate of $3.52 billion and a high estimate of $3.84 billion. According to the average forecast, sales growth in current quarter could jump down -57.30%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $15.5 billion, representing a decrease of -49.60% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that MU’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of MU currently trading nearly 5.62% and 8.83% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 60.70, while the 7-day volatility ratio is showing 3.42% which for the 30-day chart, stands at 3.08%. Furthermore, Micron Technology Inc. (MU)’s beta value is 1.38, and its average true range (ATR) is 2.17.
A comparison of Micron Technology Inc. (MU) with its peers suggests the former has fared considerably weaker in the market. MU showed an intraday change of 0.79% in last session, and over the past year, it shrunk by -4.40%%. Additionally, there is a loss of -1.73% for Intel Corporation (INTC) in last trading while the stock has seen an overall depriciation of -30.95%% over the past year. The PE ratio stands at 47.79 for Micron Technology Inc. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.
Data on historical trading for Micron Technology Inc. (NASDAQ:MU) indicates that the trading volumes over the past 10 days have averaged 19.77 million and over the past 3 months, they’ve averaged 17.52 million. According to company’s latest data on outstanding shares, there are 1.09 billion shares outstanding.
Nearly 0.20% of Micron Technology Inc.’s shares belong to company insiders and institutional investors own 82.40% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 25.92 million shares as on Apr 27, 2023, resulting in a short ratio of 1.23. According to the data, the short interest in Micron Technology Inc. (MU) stood at 2.37% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 29.86 million. The stock has risen by 33.11% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MU stock heading into the next quarter.