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Is Microchip Technology Incorporated (NASDAQ) Bullish Or Bearish In 2023?

Microchip Technology Incorporated (NASDAQ:MCHP) shares, rose in value on Thursday, May 25, with the stock price down by -2.04% to the previous day’s close as strong demand from buyers drove the stock to $72.12.

Actively observing the price movement in the recent trading, the stock is buoying the session at $73.62, falling within a range of $72.56 and $75.50. The value of beta (5-year monthly) is 1.57 whereas the PE ratio is 19.89 over 12-month period. Referring to stock’s 52-week performance, its high was $87.76, and the low was $54.33. On the whole, MCHP has fluctuated by -2.69% over the past month.

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With the market capitalization of Microchip Technology Incorporated currently standing at about $40.55 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 31, 2023 – Aug 04, 2023. The company’s Forward Dividend Ratio is 1.53, with its dividend yield at 2.08%.

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 MCHP’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a 50% Sell.

25 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 8 analyst(s), 16 recommend it as a Buy and 1 called the MCHP stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.

The stock’s technical analysis shows that the PEG ratio is about 1.44, with the price of MCHP currently trading nearly -4.13% and -7.57% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 39.50, while the 7-day volatility ratio is showing 2.43% which for the 30-day chart, stands at 2.94%. Furthermore, Microchip Technology Incorporated (MCHP)’s beta value is 1.55, and its average true range (ATR) is 2.41. The company’s stock has been forecasted to trade at an average price of $95.36 over the course of the next 52 weeks, with a low of $76.00 and a high of $125.00. Based on these price targets, the low is -5.38% off current price, whereas the price has to move -73.32% to reach the yearly target high. Additionally, analysts’ median price of $95.00 is likely to be welcomed by investors because it represents a decrease of -31.72% from the current levels.

A comparison of Microchip Technology Incorporated (MCHP) with its peers suggests the former has fared considerably weaker in the market. MCHP showed an intraday change of -2.04% in today’s session so far, and over the past year, it grew by 7.48%%. On the other hand, the price of Advanced Micro Devices Inc. (AMD) has risen 9.34% today. The stock, however, is off 29.86% from where it was a year ago. Additionally, there is a gain of 5.40% for Applied Materials Inc. (AMAT) in recent trading while the stock has seen an overall depriciation of 20.37%% over the past year. The PE ratio stands at 19.89 for Microchip Technology Incorporated, and 449.25 for Advanced Micro Devices Inc. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.70%. Meanwhile, the Dow Jones Industrial Slipped by -0.15%.

Data on historical trading for Microchip Technology Incorporated (NASDAQ:MCHP) indicates that the trading volumes over the past 10 days have averaged 4.44 million and over the past 3 months, they’ve averaged 4.66 million. According to company’s latest data on outstanding shares, there are 549.20 million shares outstanding.

Nearly 2.09% of Microchip Technology Incorporated’s shares belong to company insiders and institutional investors own 93.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 17.43 million shares as on May 14, 2023, resulting in a short ratio of 3.54. According to the data, the short interest in Microchip Technology Incorporated (MCHP) stood at 3.18% of shares outstanding as of May 14, 2023; the number of short shares registered in Apr 13, 2023 reached 20.25 million. The stock has risen by 2.66% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MCHP stock heading into the next quarter.

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