Micron (MU) closed at $69.68 in the latest trading session, marking a -1.46% move from the prior day. This change lagged the S&P 500's 0.94% loss on the day. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq lost 1.53%.
Coming into today, shares of the chipmaker had gained 11.51% in the past month. In that same time, the Computer and Technology sector gained 3.69%, while the S&P 500 gained 1.85%.
Micron will be looking to display strength as it nears its next earnings release, which is expected to be September 27, 2023. In that report, analysts expect Micron to post earnings of -$1.19 per share. This would mark a year-over-year decline of 182.07%. Meanwhile, our latest consensus estimate is calling for revenue of $3.91 billion, down 41.08% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Micron. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron currently has a Zacks Rank of #3 (Hold).
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 113, putting it in the top 45% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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