Micron Technology Sees Unusually High Options Volume (MU)
Micron Technology (NYSE:MU) was the target of unusually large options trading activity on Friday. Investors purchased 86,290 put options on the company, American Banking and Market News reports. This is an increase of approximately 129% compared to the typical daily volume of 37,678 put options.
MU has been the subject of a number of recent research reports. Analysts at Merrill Lynch downgraded shares of Micron Technology to an “underperform” rating in a research note to investors on Friday. Separately, analysts at UBS AG downgraded shares of Micron Technology from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $19.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Credit Suisse downgraded shares of Micron Technology from a “buy” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $26.00 price target on the stock, up previously from $19.00. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $21.19.
Shares of Micron Technology (NYSE:MU) traded down 3.19% during mid-day trading on Friday, hitting $20.97. 34,636,032 shares of the company’s stock traded hands. Micron Technology has a 1-year low of $6.85 and a 1-year high of $23.67. The stock’s 50-day moving average is $21.33 and its 200-day moving average is $16.77. The company has a market cap of $22.057 billion and a price-to-earnings ratio of 19.17.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, October 10th. The company reported $1.51 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.24 by $1.27. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. Analysts expect that Micron Technology will post $2.09 EPS for the current fiscal year.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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