Micron Technology (NASDAQ:MU) Stock Price Drops 2.8%
Micron Technology, Inc. (NASDAQ:MU) saw its stock price fall by 2.8% on Thursday. Shares traded as low as $148.04 and last traded at $149.09, showing a drop from the previous close of $153.45. Around 14,312,017 shares were exchanged, a significant drop of 26% from the average daily volume of 19,211,539 shares.
Predictions and Ratings by Analysts
Analysts are optimistic about Micron Technology. Susquehanna increased their target price for Micron from $143.00 to $185.00 and rated it as “positive”. JPMorgan Chase & Co. also raised their price objective from $105.00 to $130.00 and offered an “overweight” rating.
Mizuho followed suit by boosting their target from $150.00 to $155.00 and gave a “buy” rating. Barclays elevated their price target from $120.00 to $145.00 with an “overweight” rating. Fox Advisors similarly upgraded the shares from an “equal weight” to an “overweight” rating.
Overall, two investment analysts gave the stock a “hold” rating, while twenty-five analysts suggested a “buy”. According to MarketBeat, this aggregates to an average rating of “Moderate Buy” with an average target price of $147.32.
Micron Technology’s Financial Performance
Micron Technology boasts a debt-to-equity ratio of 0.30, a current ratio of 3.74, and a quick ratio of 2.40. The company holds a market capitalization of $154.52 billion, with a P/E ratio of -40.45 and a beta of 1.21. Their 50-day moving average stands at $125.90, and the 200-day moving average is $103.91.
Their latest quarterly earnings data revealed $0.42 earnings per share (EPS), bettering analysts' consensus estimates by $0.69. Despite a negative net margin of 20.57% and a negative return on equity of 8.98%, their revenue for the most recent quarter was $5.82 billion, a 57.7% increase year-over-year.
Insider Transactions
There have been notable insider transactions. EVP Sumit Sadana sold 13,239 shares on May 9 at an average price of $118.77 each, totaling over $1.5 million. In another instance, CEO Sanjay Mehrotra sold 45,000 shares on March 25 at a price of $120.00 per share. These moves show a high level of activity within the company, with insiders collectively selling 320,446 shares valued at approximately $38.7 million in the last quarter.
Institutional Investors and Fund Holdings
Various institutional investors have adjusted their holdings in Micron Technology:
- Rathbones Group PLC purchased new shares worth $334,000.
- V Square Quantitative Management LLC acquired new investments of around $198,000.
- Mariner LLC boosted its holdings by 14,405 shares, totaling 177,720 shares worth $12.09 million.
- Cary Street Partners Investment Advisory LLC grew its share count by 52.7%, bringing their total to 2,951 shares valued at $201,000.
- Meiji Yasuda Asset Management Co Ltd. increased its shares by 10.9%, now owning 16,196 shares worth $1.1 million.
Institutional investors hold a significant 80.84% of Micron Technology’s stock.
About Micron Technology
Micron Technology, Inc. is a global leader in the design, development, manufacturing, and sale of memory and storage products. Its product lineup includes:
- Dynamic Random Access Memory (DRAM)
- Non-volatile memory devices
- Re-writable semiconductor storage devices
Micron operates through brands like Micron and Crucial, catering to various market segments.
Conclusion
Micron Technology remains a pivotal player in the semiconductor industry, with strong analyst backing and continued investor interest. Despite current stock performance dips, optimistic target adjustments and substantial insider transactions indicate confidence in its long-term potential.
