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Micron (MU) Stock Dips While Market Gains: Key Facts

Micron (MU) ended the recent trading session at $76.12, demonstrating a -1.79% swing from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.1%. On the other hand, the Dow registered a gain of 0.24%, and the technology-centric Nasdaq increased by 0.29%.

The the stock of chipmaker has risen by 17.32% in the past month, leading the Computer and Technology sector's gain of 13.85% and the S&P 500's gain of 10.68%.

The investment community will be paying close attention to the earnings performance of Micron in its upcoming release. The company is slated to reveal its earnings on December 20, 2023. In that report, analysts expect Micron to post earnings of -$1.02 per share. This would mark a year-over-year decline of 2450%. Meanwhile, our latest consensus estimate is calling for revenue of $4.43 billion, up 8.54% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.93 per share and revenue of $20.95 billion, indicating changes of +56.63% and +34.78%, respectively, compared to the previous year.

Investors should also take note of any recent adjustments to analyst estimates for Micron. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. Within the past 30 days, our consensus EPS projection has moved 1.61% higher. Currently, Micron is carrying a Zacks Rank of #3 (Hold).

The Semiconductor Memory industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 88, this industry ranks in the top 35% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow MU in the coming trading sessions, be sure to utilize Zacks.com.

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Micron Technology, Inc. (MU) : Free Stock Analysis Report

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