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.”

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