Yahoo Finance Micron (MU) Suffers a Larger Drop Than the General Market: Key Insights
Micron (MU) closed at $131.58 in the latest trading session, marking a -0.82% move from the prior day. This move lagged the S&P 500's daily loss of 0.74%. Meanwhile, the Dow lost 1.06%, and the Nasdaq, a tech-heavy index, lost 0.58%.
Shares of the chipmaker witnessed a gain of 17.45% over the previous month, beating the performance of the Computer and Technology sector with its gain of 7.86% and the S&P 500's gain of 4.27%.
The upcoming earnings release of Micron will be of great interest to investors. The company's earnings report is expected on June 26, 2024. The company is predicted to post an EPS of $0.47, indicating a 132.87% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $6.64 billion, up 76.86% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.85 per share and revenue of $24.62 billion, indicating changes of +119.1% and +58.42%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Micron. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 20.14% higher. As of now, Micron holds a Zacks Rank of #2 (Buy).
In terms of valuation, Micron is currently trading at a Forward P/E ratio of 156.87. This expresses no noticeable deviation compared to the average Forward P/E of 156.87 of its industry.
The Semiconductor Memory industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 2, placing it within the top 1% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Micron Technology, Inc. (MU) : Free Stock Analysis Report
