Micron Technology Inc. (NASDAQ: MU) closed at $61.16 on March 24, 2023, with analysts projecting an expected earnings per share (EPS) of -$0.62, and a revenue growth projection of $3.78 billion. The stock has an overall rating of Overweight, with short shares standing at 29.62 million as of January 12, 2023, and short interest in shares outstanding at 2.71%. Micron Technology’s current price movement has pushed the stock up by 22.37% in year-to-date trading, indicating that it may be a good investment opportunity for long-term investors.
When to Buy Micron Technology Inc. (NASDAQ: MU) Stock
Micron Technology Inc. (NASDAQ: MU) closed at $61.16 on March 24, 2023, reflecting a -0.29% decrease from the previous day. As the company prepares to release its quarterly earnings report on March 28, 2023, investors are wondering if now is the right time to buy MU stock.
Expected Earnings and Revenue Growth
Analysts estimate the company’s expected earnings per share (EPS) to be -$0.62, with an EPS growth of -$1.9 for 2023 and $1.86 for 2024. This translates to -122.80% and 197.90% growth in EPS over the two-year period, respectively.
Furthermore, analysts project the company’s revenue growth to be $3.78 billion, with a low of $3.61 billion and a high of $3.83 billion. The median projection represents a -51.40% growth compared to the corresponding quarter a year ago. Analysts also expect the company’s yearly revenue forecast for 2023 to be $16.62 billion, which is a -46.00% decrease from the previous year.
Stock Ratings and Performance
Micron Technology Inc. has an overall rating of Overweight, according to estimates by 39 analysts. Of those, 8 rate the stock as a Hold, 23 rate it as a Buy, and 5 rate it as overweight, while 3 suggest the stock as a Sell. Investors should take note that there have been no upward or downward revisions for the stock’s EPS in the last seven days, reflecting the nature of the company’s short-term price movement.
Short-term indicators assign the stock an average of 50% Sell, while medium-term indicators assign it an average of 100% Buy. Long-term indicators place the stock in the category of 50% Buy, indicating that it may be a good investment for those looking to hold onto it for an extended period.
Current Performance and Price Targets
Currently, the stock’s price level is 7.72% off its SMA20 and 4.15% from its 50-day simple moving average. The RSI (14) is pointing at 63.37, while the volatility over the past week is 3.30% and jumps to 3.15% over the past month. The beta value is 1.40, while the average true range (ATR) is currently pointing at 1.99.
The average price target for the stock over the next 12 months is $66.20, with the estimates having a low of $45.00 and a high of $100.00. These price ends are 26.42% and -63.51% off the current price level, respectively, although investors could be excited at the prospect of a -7.91% decrease if the MU share price touches on the median price of $66.00.
In conclusion, investors who are considering buying Micron Technology Inc. (NASDAQ: MU) stock should be aware of the company’s expected earnings and revenue growth, stock ratings and performance, as well as its current performance and price targets. Based on the available information, the stock may be a good investment for those looking to hold onto it for an extended period.
Micron Technology Inc. (NASDAQ: MU) Stock Compared to Its Peers
When comparing Micron Technology Inc. (NASDAQ:MU) stock to its peers, we can see that it has experienced a -0.29% price change, and a -19.15% change over the past 12 months. In contrast, the S&P 500 Index and the Dow Jones Industrial were at 0.56% and 0.41%, respectively, at close of trading.
Micron Technology Inc. has an average 3-month trading volume of 14.02 million, with a preceding 10-day period trading volume of 17.29 million. The company has 1.09 billion shares outstanding, with insiders holding 0.20% of the shares and institutions holding 82.40%.
Short shares for the company stood at 29.62 million as of January 12, 2023, with a short ratio of 1.74, representing a 2.71% short interest in shares outstanding. Shares short have fallen from the previous month at 31.31 million. Despite this, investors should be excited about this stock as its year-to-date price movement has pushed the stock up by 22.37%.
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