Micron Technology, Inc. (NASDAQ:MU) is a stock to watch today. At current price of $36.49, the shares have already added 3.81 points (11.67% higher) from its previous close of $32.68. The stock sets an active trading volume day with a reported 22306784 contracts so far this session. MU shares had a relatively better volume day versus average trading capacity of 24.76 million shares, but with a 1.1 billion float and a -4.7% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MU stock indicates that the average analyst price target is $44.86 per share. This means the stock has a potential increase of 22.94% from where the MU share price has been trading recently which is between $32.61 and $33.88. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $25.
The shorts are climbing into Micron Technology, Inc. (MU) stock. The latest set of short interest data was released on 14 June 2019, and the numbers show a rise in short interest in MU shares. While short interest still represents only 3.41% of MU’s float, the number of shares shorted have risen by 367051. The number of shares shorted advanced to 42803711 shares, up from 42436660 shares during the preceding fortnight. With average daily trading volumes at 22102365 shares, days to cover increased to about 1.583737 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Micron’s Big Earnings Beat: What Wall Street’s Saying” and dated June 26, 2019.
During the recent trading session for Micron Technology, Inc. (NASDAQ:MU), the company witnessed their stock rise $2.35 over a week and surge $3 from the price 20 days ago. When compared to their established 52-week high of $58.15, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/18/18. The recent low of $28.39 stood for a -37.24% since 12/26/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.83 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Micron Technology, Inc., the two-week RSI stands at 56.99. This figure suggests that MU stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MU readings is similarly very revealing as it has a stochastic reading of 41.21% at this stage. This figure means that MU share price today is being neutral.
Technical chart claims that Micron Technology, Inc. (MU) would settle between $33.5/share to $34.33/share level. However, if the stock price goes below the $32.23 mark, then the market for Micron Technology, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $31.79 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.4. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Needham raised their recommendation on shares of MU from Hold to Buy in their opinion released on June 26. BofA/Merrill analysts again handed out a Buy recommendation to Micron Technology, Inc. (NASDAQ:MU) stock but they lifted target price for the shares in a flash note issued to investors on June 26. The target price has been raised from $43 to $45. Analysts at Robert W. Baird are sticking to their Underperform stance. However, on June 21, they lifted price target for these shares to $28 from $32.
MU equity has an average rating of 2.47, with the figure leaning towards a bullish end. 34 analysts who tracked the company were contacted by Reuters. Amongst them, 12 rated the stock as a hold while the remaining 22 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 18 analysts rated Micron Technology, Inc. (NASDAQ:MU) as a buy or a strong buy while 4 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, MU stock price is currently trading at 8.65X forward 12-month Consensus EPS estimates, and its P/S ratio is 1.21 while for the average stock in the same group, the multiple is 8.59. Micron Technology, Inc. current P/E ratio of 3.07 means it is trading at a discount against its industry’s 8.06. In the past 5 years, this ratio for the stock has been fluctuating between 4.64 and 12.91.
Micron Technology, Inc. (MU)’s current-quarter revenues are projected to climb by nearly -46.93% to hit $4.48 billion, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -24.54% from $30.39 billion to a noteworthy $22.93 billion. At the other end of the current quarter income statement, Micron Technology, Inc. is expected to see its adjusted earnings surge by roughly -83.29% to hit $0.59 per share. For the fiscal year, MU’s earnings are projected to climb by roughly -49.29% to hit $6.06 per share.