Micron Technology Inc. [MU] Stock trading around $58.41 per share: What’s Next?

Micron Technology Inc. [NASDAQ: MU] loss -0.88% or -0.52 points to close at $58.41 with a heavy trading volume of 4360454 shares. The company report on November 16, 2022 that Micron Announces Further Actions to Address Market Conditions.

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Recently, the market outlook for calendar 2023 has weakened. In order to significantly improve total inventory in the supply chain, Micron believes that in calendar 2023, year-on-year DRAM bit supply will need to shrink and NAND bit supply growth will need to be significantly lower than previous estimates.

It opened the trading session at $58.67, the shares rose to $59.13 and dropped to $58.39, the range by which the price of stock traded the whole day. The daily chart for MU points out that the company has recorded -17.27% loss over the past six months. However, it is still -20.56% lower than its most recent low trading price.

If we look at the average trading volume of 18.23M shares, MU reached to a volume of 4360454 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Micron Technology Inc. [MU]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MU shares is $67.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MU stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Credit Suisse have made an estimate for Micron Technology Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on November 16, 2022. While these analysts kept the previous recommendation, Loop Capital raised their target price to Buy. The new note on the price target was released on October 14, 2022, representing the official price target for Micron Technology Inc. stock. On September 30, 2022, analysts decreased their price target for MU shares from 56 to 54.

The Average True Range (ATR) for Micron Technology Inc. is set at 2.25, with the Price to Sales ratio for MU stock in the period of the last 12 months amounting to 2.05. The Price to Book ratio for the last quarter was 1.28, with the Price to Cash per share for the same quarter was set at 8.63. Price to Free Cash Flow for MU in the course of the last twelve months was 23.81 with Quick ratio for the last quarter at 2.00.

Trading performance analysis for MU stock

Micron Technology Inc. [MU] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.56. With this latest performance, MU shares gained by 5.34% in over the last four-week period, additionally sinking by -17.27% over the last 6 months – not to mention a drop of -32.25% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MU stock in for the last two-week period is set at 53.42, with the RSI for the last a single of trading hit 51.71, and the three-weeks RSI is set at 53.40 for Micron Technology Inc. [MU]. The present Moving Average for the last 50 days of trading for this stock 54.62, while it was recorded at 58.34 for the last single week of trading, and 65.06 for the last 200 days.

Micron Technology Inc. [MU]: A deeper dive into fundamental analysis

Micron Technology Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.90.

An analysis of insider ownership at Micron Technology Inc. [MU]

There are presently around $50,733 million, or 82.80% of MU stock, in the hands of institutional investors. The top three institutional holders of MU stocks are: VANGUARD GROUP INC with ownership of 91,605,706, which is approximately 0.178% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 83,297,539 shares of the stock with an approximate value of $4.87 billion in MU stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $2.77 billion in MU stock with ownership of nearly 24.983% of the company’s market capitalization.

557 institutional holders increased their position in Micron Technology Inc. [NASDAQ:MU] by around 68,893,238 shares. Additionally, 662 investors decreased positions by around 90,173,883 shares, while 192 investors held positions by with 709,494,766 shares. The mentioned changes placed institutional holdings at 868,561,887 shares, according to the latest SEC report filing. MU stock had 117 new institutional investments in for a total of 21,332,296 shares, while 165 institutional investors sold positions of 10,109,206 shares during the same period.

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