Micron Technology News; MU Stock Soared 8.48% in Pre-market

Micron Technology Stock Price shed -1.54% to finally closed at $32.68 in last active session.

MU stock distance from 20 day simple moving average is -2.47% and distance from 50-Day simple moving average is -12.63%.

Analyst’s mean target price for MU Stock is $44.86 while analysts mean recommendation is 2.50. Stock value has moved between $28.42 – 58.36 in last one year. MU Stock has got OUTPERFORM rating from 12 of Thomson Reuters analysts, 12 given HOLD rating to the stock and 2 given UNDERPERFORM rating. Analyst’s mean target price for MU is $44.86 while analysts mean recommendation is 2.50.

Micron Technology yearly performance is -42.77% and net profit margin is 43.60%. Annual EPS Growth of past 5 years is 58.80%. The current share price indicates that stock is -43.80% away from its one year high and is moving 15.11% ahead of its 52-week low.

Micron Technology Inc reported a better-than-expected fiscal third quarter, on Tuesday, as it topped lowered expectations from Wall Street as a glut of memory-chip inventory fueled falling prices after two years of boom times. The chip company’s fiscal third-quarter revenue slid 39% to $4.8 billion and its gross margins sank to 38.2% of revenue, down from 60.6% in the year-ago period.

Although, Micron Technology Inc was cautiously optimistic in its comments about customer demand in the second half of the calendar year.

“We have seen early signs of bit-demand recovery in most DRAM [dynamic random access memory] end markets,” Sanjay Mehrotra, Micron’s president and chief executive, told analysts on a conference call. “Based on our assessment of customer inventory improvement, we anticipate robust bit-demand growth for the industry in the second half of the calendar year compared to the weak demand in the first half.”

See also  Micron Technology Stock to “Sell”, may lose money later this year; Citi Research

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