Micron Technology Inc. (NASDAQ:MU) saw a downside of -2.49% to close Tuesday at $67.65 after subtracting -$1.73 on the day. The 5-day average trading volume is 12,330,760 shares of the company’s common stock. It has gained $70.93 in the past week and touched a new high 2 times within the past 5 days. An average of 13,224,730 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 16,474,426.
MU’s 1-month performance is 8.27% or $7.00 on its low of $60.58 reached on 07/10/23. The company’s shares have touched a 52-week low of $48.43 and high of $74.77, with the stock’s rally to the 52-week high happening on 05/30/23. YTD, MU has achieved 35.35% or $17.67 and has reached a new high 19 times. However, the current price is down -9.52% from the 52-week high price.
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Insider Transactions
MU stock investors last saw insider trading activity on Aug 04.Sadana Sumit (EVP, Chief Business Officer) most recently sold 42,667 shares at $70.05 per share on Aug 04. This transaction cost the insider $2,988,823. EVP, Technology & Products, Deboer Scott J, sold 20,000 shares at a price of $70.67 on Aug 01. Then, on Jul 27, SVP, Worldwide Sales Bokan Michael W sold 45,456 shares at a price of $70.87 per share. This transaction amounted to $3,221,467.
Valuation Metrics
MU stock has a beta of 1.36. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 4.03 while the price-to-book (PB) in the most recent quarter is 1.63.
Micron Technology Inc.’s quick ratio for the period ended May 30 was 2.60, with the current ratio over the same period at 4.30. As well, the company’s long term debt to equity for the quarter ending May 30 was 0.29, while the total debt to equity was 0.29.. In terms of profitability, the gross margin trailing 12 months is 9.00%. The trailing 12-month EBITDA margin is 54.90% while for the period ending May 30, Micron Technology Inc.’s operating margin was -15.10%. The firm’s gross profit as reported stood at $13.9 billion against revenue of $30.76 billion.
Earnings Surprise
For the quarterly period ending May 30 this year, Micron Technology Inc.’s cash and short-term investments amounted to $1.05 billion against total debt of $13.91 billion. Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 238.5% to -$1.9 billion, while revenue of -$2.31 billion was -21.94% off the previous quarter. Analysts expected MU to announce -$1.44 per share in earnings in its latest quarter, but it posted -$1.3, representing a 9.70% surprise. EBITDA for the quarter stood at more than $195.0 million. MU stock balance sheet for the quarter ending May 30 shows that total liabilities totaled 20.27 billion, with total debt at $13.91 billion. Shareholders hold equity totaling $1.1 billion.
Let’s look briefly at Micron Technology Inc. (MU) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 08 August was 47.87% to suggest the stock is trending Neutral, with historical volatility in this time period at 38.68%.
The stock’s 5-day moving average is $68.86, reflecting a -4.40% or -$3.11 change from its current price. MU is currently trading +6.37% above its 20-day SMA, +24.98% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by -2.82% and SMA200 by+27.57%.
Stochastic %K and %D was 59.05% and 63.05% and the average true range (ATR) pointed at 2.00. The RSI (14) points at 51.32%, while the 14-day stochastic is at 42.03% with the period’s ATR at 1.99. The stock’s 9-day MACD Oscillator is pointing at -0.88 and 0.58 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Micron Technology Inc. (NASDAQ: MU), Wolfe Research launched coverage with an Outperform rating. Analysts offering their rating for MU stock have a consensus rating for the stock as Overweight. Currently, 1 brokerage advisors rate MU as a “sell,”, while 11 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 5 rates the stock as overweight while 20 have offered a “buy” rating.
What is MU’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $46.00 and a high of $100.00, with their median price target at $80.00. Looking at these predictions, the average price target given by analysts is for Micron Technology Inc. (MU) stock is $77.31.
