The stock of Micron Technology, Inc. (NASDAQ:MU) is now priced at $45.51 and the shares are -0.18 points down or -0.39% lower compared to its previous closing price of $45.69. The stock had 13.242 million contracts set over the past session. MU shares’ daily volume is compared to its average trading volume at 20.317 million shares. However, it has a float of 1110 million and although its performance was 4% over the week, it’s one to watch. Analysts have given the MU stock a yearly average price target of $63.86 per share. It means the stock’s upside potential is 40.32% with the MU share price recently placing at $45.14 to $45.82.
The shorts are climbing into the Micron Technology, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MU shares have risen. Short interest in the stock represents just 3.23% of its float, but the volume has raised by 4164707. The volume of shorted shares rised to 35.8 million from 31.636 million shares over the last two weeks. The average intraday trading volume has been 18.526 million shares, which means that days to cover moved to roughly 1.932435.
In the last trading session, Micron Technology, Inc. (NASDAQ:MU) raised by $1.75 over the week and lost -$4.88 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $61.19. The stock recorded its established 52-week high on 02/12/20.
Since 03/18/20, the stock has traded to a low of $31.13 at 46.19%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.35. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Micron Technology, Inc.’s two-week RSI is 44.38. This suggests that the stock is neutral at the moment and that MU shares’ price movement remains stable. The stochastic readings are equally revealing at 42.63% meaning the MU share price is currently in neutral territory.
The technical chart shows that the MU stock will likely settle at between $45.84 and $46.17 per share. However, if the stock dips below $45.16, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $44.81.
Currently, the stock is trading in the green of MACD, with a reading of 0.9. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cascend Securities though dropped target price of MU stock from $70 to $55 but maintained Buy recommendation in their August 13 review. Deutsche Bank analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $48 in a flash note released to investors on August 13. Cowen analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices down on August 06, placing it at $60 from $65.
The average rating for the MU equity is 2.17 and is currently gathering a bullish momentum. Of 37 analysts tracking Micron Technology, Inc. polled by Reuters, 10 rated MU as a hold. The remaining 27 analysts were split evenly. However, the split wasn’t equal as a majority (26) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MU stock price is 10.86X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 22.8 below the group’s average of 29.1. Micron Technology, Inc. has its P/E ratio at 1.3, which means that the stock is currently trading at a discount relative to the 6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Micron Technology, Inc. (NASDAQ:MU) will increase by about 9.05%, which will see them reach $5930 million. The company’s full-year revenues are, however, expected to diminish by about -8.97%, down from $23400 million to $21300 million. MU’s expected adjusted earnings should surge almost 80.36% to end up at $1.01 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -56.38% to record $2.77/share.