Sunday, June 26, 2022

Insider Selling: ARNZEN APRIL S, Micron Technology Inc. [MU] SVP, Chief People Officer divested 5,600 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Micron Technology Inc. shares valued at $425,600 were sold by ARNZEN APRIL S on Mar 24. At $76.00 per share, ARNZEN APRIL S sold 5,600 shares. The insider’s holdings dropped to 89,172 shares worth approximately $5.02 million following the completion of this transaction.

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Also, Beard Robert P sold 266 shares, netting a total of over 25,581 in proceeds. Following the sale of shares at $96.17 each, the insider now holds 10,688 shares.

Before that, BHATIA MANISH H had sold 97,107 shares from its account. In a trade valued at $9,324,214, the EVP, Global Operations traded Micron Technology Inc. shares for $96.02 each. Upon closing the transaction, the insider’s holdings decreased to 97,107 shares, worth approximately $12.01 million.

As published in a research note from Summit Insights on June 13, 2022, Micron Technology Inc. [MU] has been rated down from a Buy to a Hold. Analysts at Piper Sandler downgraded the stock from ‘”a Neutral”‘ to ‘”an Underweight”‘ outlook in a report released in early June. As of March 16, 2022, Bernstein has increased its “Mkt perform” rating to a “an Outperform” for MU. Earlier on February 14, 2022, Wedbush upgraded its rating. Their new recommendation was “an Outperform” for MU stock which previously was a “a Neutral”.

Analyzing MU’s Price Performance

On Wednesday, Micron Technology Inc. [NASDAQ: MU] plunged -0.81% to $56.34. The stock’s lowest price that day was $55.60, but it reached a high of $57.14 in the same session. During the last five days, there has been a drop of approximately -4.02%. Over the course of the year, Micron Technology Inc. shares have dropped approximately -39.52%. Shares of the company reached a 52-week high of $98.45 on 01/05/22 and a 52-week low of $53.60 on 06/17/22. A 50-day SMA is recorded $68.41, while a 200-day SMA reached $77.36. Nevertheless, trading volume fell to 13.5 million shares from 15.5 million shares the previous day.

Support And Resistance Levels for Micron Technology Inc. (MU)

According to the 24-hour chart, there is a support level at 55.58, which, if violated, would cause prices to drop to 54.82. In the upper region, resistance lies at 57.12. The next price resistance is at 57.90. RSI (Relative Strength Index) is 31.63 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.87, which suggests the price will decrease in the coming days. Percent R is at 87.44%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Micron Technology Inc. subject to short interest?

Stocks of Micron Technology Inc. saw a sharp rise in short interest on Apr 28, 2022 jumping by 1.07 million shares to 25.78 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 24.71 million shares. A jump of 4.15% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.07 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.07.

Which companies own the most shares of Micron Technology Inc. (MU)?

According to The Vanguard Group, Inc. filings, the company currently owns 86,037,601 shares, which is about 7.71% of the total MU shares outstanding. The investor’s shares have appreciated by 1,113,856 from its previous 13-F filing of 84923745.0 shares. With the completion of the sale, BlackRock Fund Advisors’s stake is now worth $4,171,588,437. SSgA Funds Management, Inc. reduced a -1.57% interest valued at $3.44 billion while Sanders Capital LLC purchased a 646,950 stake. A total of -382,090 shares of Micron Technology Inc. were bought by PRIMECAP Management Co. during the quarter, and 7,894,757 were bought by Capital Research & Management Co. In its current portfolio, Capital Research & Management Co holds 33,193,160 shares valued at $2.45 billion.

In terms of Micron Technology Inc. share price expectations, FactSet research, analysts set an average price target of $104.06 in the next 12 months, up nearly 76.06% from the previous closing price of $56.80. Analysts anticipate Micron Technology Inc. stock to reach $165.00 by 2022, with the lowest price target being $56.00. In spite of this, 36 analysts ranked Micron Technology Inc. stock as a Buy at the end of 2022. On January 10, 2022, BofA Securities assigned a price target of “a Buy” to the stock and reiterated coverage with a $118.

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