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Micron Technology Inc. [MU] Earnings Report Preview Nov 2020

BDR Stock

BDR Stock

Micron Technology Inc. [NASDAQ:MU] will report earnings after markets close on Thursday, January 7th.

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MU Earnings Forecast For The Current Quarter

Micron Technology Inc. [MU] is expected to report strong earnings results for the quarter ending in Nov 2020. Consensus estimates give the company expected revenues of $5.73B and an earnings per share of $0.71 for Nov 2020. Looking further ahead, the company is expected to report revenue of $5.5B at an EPS of $0.63 for Feb 2021. The estimates represent upside of 25.00% and 87.48% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.


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MU Earnings Estimates For The Current Year

For the financial year, Micron Technology Inc. [NASDAQ:MU] is expected to bring in revenue of $24.39B. The returns are nearly $2.96 billion higher than the company’s actual revenue recorded in the fiscal year 2020. In terms of EPS for 2021, the estimate put it at 3.87, higher than that of FY20 by $1.04. Estimates put this year’s earnings growth at 36.70%, 88.90% for the next, and at an annual 15.17% over the next 5-year period. As for sales, forecasts are for an increase of 13.80% in the current fiscal year and a further 25.00% over the following year.

MU Price Performance

On Wall Street, Micron Technology Inc. [NASDAQ:MU] finished Tuesday’s session up 4.33% at $77.26. The stock went up to $78.69 at the same session while its lowest single day price was $76.03. In the last five days, it saw a rise of about 9.34%, Micron Technology Inc. shares gained by almost 2.77% since the beginning of the year. However, the share price has dropped to as low as -1.72% below its one year high. On 01/05/21, the company shares recorded $78.69, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $73.75. The company’s shares have inclined by 44.24% in the past year. The 50-day SMA achieved is $64.03 while the 200-day SMA is $51.89. Volume gained to 32.96 million from 31.16 million in the previous session.

Micron Technology Inc. [MU] Valuation Measures

Notably, Micron Technology Inc. [MU] stock cannot be classified as a good candidate in the listing of underestimated low-priced Semiconductors companies to purchase soonest possible with the prevailing 12-month PE ratio of 32.50. The measure means the stock is exchanging at a premium as compared to the 32.48x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 3.85 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 2.63 which means MU serve an unattractive investment opportunity compared to its competitors.

MU Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing is perceived around 75.96 level, and in case of violation of this particular level, it will cause more drop to 74.67 level. On the upper level, 79.99 is still the key resistance. The stock may increase to the subsequent resistance at 78.62. The Relative Strength Index (RSI) pinned on the 14-day chart is 73.23, implying a overbought technical stance while the MACD stands at 3.24, meaning price will increase in the next trading period. Percent R indicator moved to 14.97%, implying bullish price movement. Stochastic %K at 76.41% suggest holding the stock.

Is Micron Technology Inc. [NASDAQ:MU] a Good Buy Right Now?

It should be noted that MU technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 88% Buy in the last week and compares with 100% Buy in the past month. Data from Micron Technology Inc.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 15.6 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 16.59 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 18.01 million shares.

What is the short interest in Micron Technology Inc.?

Short interest in the Micron Technology Inc. stock has surged, increasing by 2.1 million shares to total 26.04 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 28.14 million, data from Yahoo Finance shows. The decrease of -8.06% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover moved to short ratio while the shorted shares account for just 2.34% of the overall float for the stock.

Micron Technology Inc.’s Biggest Shareholders: Who Owns Micron Technology Inc. [MU]?

Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 83,818,329 shares or roughly 7.53% of the outstanding MU shares. This means their shares have reduced by -1,210,053 from the 83,818,329 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated stake is worth $3,587,092,433. Details in the latest 13F filings reveal that PRIMECAP Management Co. disposed off their -2.05% stake valued at $3,230,617,252 while SSgA Funds Management, Inc. cut theirs at $3,020,986,296. During the last quarter, PRIMECAP Management Co. liquidated -1,057,170 of its shares in Micron Technology Inc. while SSgA Funds Management, Inc. sold -1,046,704 shares. The Fidelity Management & Research Co’s holdings currently number 41,724,613 shares at $3223643600.38. According to the firm’s last 13F report, T. Rowe Price Associates, Inc. shares in the company at filing stood at 39,128,557 shares, roughly $2,507,749,218.

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What are analyst thoughts on Micron Technology Inc.?

Looking forward to the Micron Technology Inc. share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Micron Technology Inc. stock at $85.00 within the next 12 months, which represents almost 9.11 per cent growth from its previous closing price of $77.26. The highest analysts’ target for Micron Technology Inc. stock projections is $117.00 and the lowest one is $60.00. Still, 35 analysts sharing their consensus rating for MU stock in 2021 agree that it is a Buy.

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