Stock Traders Purchase Large Volume of Micron Technology Call Options (MU)
Shares of Micron Technology (NYSE:MU) saw unusually large options trading on Wednesday. Stock traders bought 107,324 call options on the stock, AnalystRatingsNetwork reports. This represents an increase of 165% compared to the average daily volume of 40,496 call options.
In other Micron Technology news, Director Lawrence N. Mondry unloaded 10,000 shares of Micron Technology stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $29.10, for a total transaction of $291,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
MU has been the subject of a number of recent research reports. Analysts at Bank of America upgraded shares of Micron Technology from an “underperform” rating to a “buy” rating in a research note on Wednesday. They now have a $40.00 price target on the stock, up previously from $22.00. Separately, analysts at Credit Suisse raised their price target on shares of Micron Technology from $30.00 to $50.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Finally, analysts at ING Group upgraded shares of Micron Technology from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $28.36.
Micron Technology (NYSE:MU) traded up 5.02% on Wednesday, hitting $30.99. The stock had a trading volume of 55,364,704 shares. Micron Technology has a 52-week low of $12.31 and a 52-week high of $29.72. The stock’s 50-day moving average is $27.19 and its 200-day moving average is $24.20. The company has a market cap of $33.171 billion and a price-to-earnings ratio of 11.92.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the previous year, the company posted ($0.28) earnings per share. The company’s revenue for the quarter was up 97.6% on a year-over-year basis. Analysts expect that Micron Technology will post $3.02 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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