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Micron (MU) Gains As Market Dips: What You Should Know
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In the latest market close, Micron (MU - Free Report) reached $89.29, with a +0.8% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.16%. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq lost 0.3%.
Prior to today's trading, shares of the chipmaker had lost 0.47% over the past month. This has lagged the Computer and Technology sector's gain of 1.63% and the S&P 500's gain of 3.64% in that time.
The investment community will be closely monitoring the performance of Micron in its forthcoming earnings report. The company is scheduled to release its earnings on September 25, 2024. The company is predicted to post an EPS of $1.08, indicating a 200.93% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $7.65 billion, up 90.85% from the prior-year quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Micron. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Micron is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Micron is presently trading at a Forward P/E ratio of 9.5. For comparison, its industry has an average Forward P/E of 9.5, which means Micron is trading at no noticeable deviation to the group.
The Semiconductor Memory industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 100, positioning it in the top 40% of all 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Micron (MU) Gains As Market Dips: What You Should Know
In the latest market close, Micron (MU - Free Report) reached $89.29, with a +0.8% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.16%. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq lost 0.3%.
Prior to today's trading, shares of the chipmaker had lost 0.47% over the past month. This has lagged the Computer and Technology sector's gain of 1.63% and the S&P 500's gain of 3.64% in that time.
The investment community will be closely monitoring the performance of Micron in its forthcoming earnings report. The company is scheduled to release its earnings on September 25, 2024. The company is predicted to post an EPS of $1.08, indicating a 200.93% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $7.65 billion, up 90.85% from the prior-year quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Micron. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Micron is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Micron is presently trading at a Forward P/E ratio of 9.5. For comparison, its industry has an average Forward P/E of 9.5, which means Micron is trading at no noticeable deviation to the group.
The Semiconductor Memory industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 100, positioning it in the top 40% of all 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.