Analyzing Micron Technology Inc.(NASDAQ: MU) Stock as a Disaster or Opportunity

In the latest trading session, 2.39 million Micron Technology Inc. (NASDAQ:MU) shares changed hands as the company’s beta touched 1.33. With the company’s most recent per share price at $76.73 changed hands at -$1.89 or -2.40% at last look, the market valuation stands at $84.25B. MU’s current price is a discount, trading about -2.83% off its 52-week high of $78.90. The share price had its 52-week low at $48.43, which suggests the last value was 36.88% up since then. When we look at Micron Technology Inc.’s average trading volume, we note the 10-day average is 11.87 million shares, with the 3-month average coming to 12.98 million.

Analysts gave the Micron Technology Inc. (MU) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 1.77. If we narrow down to specifics, the data shows that 2 out of 39 analysts rate the stock as a Sell, with a further 5 assigning it an Overweight rating. Of the remaining, 7 recommended MU as a Hold, 24 felt it is a Buy and 1 rated the stock as Underweight. Micron Technology Inc.’s EPS for the current quarter is expected to be -$1.

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Micron Technology Inc. (NASDAQ:MU) trade information

Instantly MU was in red as seen in intraday trades today. With action -0.57%, the performance over the past five days has been red. The drop to weekly highs of 78.90 on Monday, 11/20/23 subtracted -2.40% to the stock’s daily price. The company’s shares are showing year-to-date upside of 53.52%, with the 5-day performance at -0.57% in the red. However, in the 30-day time frame, Micron Technology Inc. (NASDAQ:MU) is 14.73% up. Looking at the short shares, we see there were 19.64 million shares sold at short interest cover period of 1.67 days.

The consensus price target for the stock as assigned by Wall Street analysts is $81.11, meaning bulls need an upside of 5.4% from its recent market value. According to analyst projections, MU’s forecast low is $58.50 with $100.00 as the target high. To hit the forecast high, the stock’s price needs a -30.33% plunge from its current level, while the stock would need to tank 23.76% for it to hit the projected low.

Micron Technology Inc. (MU) estimates and forecasts

Data shows that the Micron Technology Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 16.24% over the past 6 months, a 56.63% in annual growth rate that is considerably higher than the industry average of 49.20%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Micron Technology Inc. will fall -2,400.00%, while the growth in revenue is estimated to hit 59.70% for the next quarter. Year-over-year growth is forecast to reach 35.60% up from the last financial year.

Consensus estimates given by 25 financial analysts project the company’s revenue in the current quarter to hit an average of $4.46 billion. 25 analysts are of the opinion that Micron Technology Inc.’s revenue for the quarter ending Feb 2024 will be $4.79 billion.

The 2023 estimates are for Micron Technology Inc. earnings to increase by 64.38%, but the outlook for the next 5-year period is at -2.62% per year.

MU Dividends

Micron Technology Inc. is expected to release its next quarterly earnings report between December 19 and December 26. The 0.48% annual yield figure for the share gives it an annual dividend of 0.36. It is important to note, however, that the 0.48% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Micron Technology Inc. (NASDAQ:MU)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.28% of Micron Technology Inc. shares while 84.70% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.94%. There are 84.70% institutions holding the Micron Technology Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Sep 29, 2023, the company held 8.58% of the shares, roughly 94.23 million MU shares worth $7.22 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.81% or 85.78 million shares worth $6.58 billion as of Sep 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 34.14 million shares estimated at $2.62 billion under it, the former controlled 3.11% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 2.37% of the shares, roughly 26.06 million shares worth around $2.0 billion.

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