Micron Technology Target of Unusually Large Options Trading (MU)
Shares of Micron Technology (NYSE:MU) was the target of unusually large options trading on Monday. Stock investors acquired 226,269 call options on the company, American Banking News.com reports. This represents an increase of approximately 141% compared to the typical daily volume of 93,870 call 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 research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $21.62.
Micron Technology (NYSE:MU) traded down 1.43% during mid-day trading on Monday, hitting $20.67. The stock had a trading volume of 38,113,948 shares. Micron Technology has a 1-year low of $7.03 and a 1-year high of $23.67. The stock’s 50-day moving average is $21.3 and its 200-day moving average is $16.83. The company has a market cap of $21.742 billion and a P/E ratio of 18.56.
Micron Technology (NYSE:MU) last announced its earnings results on Thursday, October 10th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the 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 prior year, the company posted ($0.24) earnings per share. The company’s quarterly revenue was up 44.8% on a year-over-year basis. On average, analysts predict that Micron Technology will post $2.08 earnings per share 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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