Micron Technology Inc. (NASDAQ: MU): Finding Hidden Gems Among Volatility

The trading price of Micron Technology Inc. (NASDAQ:MU) floating lower at last check on Tuesday, April 02, closing at $121.63, -2.15% lower than its previous close.

In examining the 52-week price action we see that the stock hit a 52-week high of $127.38 and a 52-week low of $56.01. Over the past month, the stock has gained 27.83% in value.

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Micron Technology Inc., whose market valuation is $134.69 billion at the time of this writing, is expected to release its quarterly earnings report Jun 26, 2024 – Jul 01, 2024. The dividend yield on the company stock is 0.47%, while its Forward Dividend ratio is 0.58. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.47 per share this quarter, however they have predicted annual earnings per share of $0.82 for 2024 and $7.48 for 2025. It means analysts are expecting annual earnings per share growth of 118.40% this year and 812.20% next year.

Analysts have forecast the company to bring in revenue of $6.61 billion for the current quarter, with the likely lows of $6.39 billion and highs of $6.79 billion. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2024 is $24.51 billion. The company’s revenue is forecast to grow by 57.70% over what it did in 2024.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Micron Technology Inc. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest MU has a 100% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Buy, while an average of long term indicators suggests that the stock is currently 100% Buy.

A quick review shows that MU’s price is currently 18.40% off the SMA20 and 30.91% off the SMA50. The RSI metric on the 14-day chart is currently showing 75.30, and weekly volatility stands at 5.08%. When measured over the past 30 days, the indicator reaches 3.75%. Micron Technology Inc. (NASDAQ:MU)’s beta value is currently sitting at 1.27, while the Average True Range indicator is currently displaying 4.74.

To see how Micron Technology Inc. stock has been performing today in comparison to its peers in the industry, here are the numbers: MU stock’s performance was -2.15% at last check in today’s session, and 92.79% in the past year.

An evaluation of the daily trading volume of Micron Technology Inc. (NASDAQ:MU) indicates that the 3-month average is 19.37 million. However, this figure has increased over the past 10 days to an average of 40.55 million.

Currently, records show that 1.11 billion of the company’s shares remain outstanding. The insiders hold 0.67% of outstanding shares, whereas institutions hold 82.10%. The stats also highlight that short interest as of Mar 15, 2024, stood at 20.75 million shares, resulting in a short ratio of 1.17 at that time. From this, we can conclude that short interest is 1.87% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 20.43 million. However, since the stock’s price has seen 42.52% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.