Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Micron Technology Inc. shares valued at $1,059,450 were sold by Bokan Michael W on Aug 16. At $63.82 per share, Bokan Michael W sold 16,600 shares. The insider’s holdings dropped to 119,126 shares worth approximately $5.97 million following the completion of this transaction.
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Also, ARNZEN APRIL S sold 5,600 shares, netting a total of over 425,600 in proceeds. Following the sale of shares at $76.00 each, the insider now holds 89,172 shares.
Before that, Beard Robert P had sold 266 shares from its account. In a trade valued at $25,581, the SVP, General Counsel&Secretary traded Micron Technology Inc. shares for $96.17 each. Upon closing the transaction, the insider’s holdings decreased to 266 shares, worth approximately $0.54 million.
As published in their initiating research note from Stifel on September 21, 2022, Micron Technology Inc. [MU] has been a Hold and the price target has been revised to $56. This represents a 10.54% premium over Wednesday’s closing price. Analysts at Mizuho downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late September. As of September 13, 2022, Exane BNP Paribas has initiated its “an Outperform” rating for MU. Earlier on August 09, 2022, Raymond James downgraded its rating. Their new recommendation was “an Outperform” for MU stock which previously was a “a Strong buy”.
Analyzing MU’s Price Performance
On Wednesday, Micron Technology Inc. [NASDAQ: MU] plunged -1.38% to $50.10. The stock’s lowest price that day was $49.72, but it reached a high of $52.51 in the same session. During the last five days, there has been a drop of approximately -5.67%. Over the course of the year, Micron Technology Inc. shares have dropped approximately -46.22%. Shares of the company reached a 52-week high of $98.45 on 01/05/22 and a 52-week low of $49.72 on 09/21/22. A 50-day SMA is recorded $59.18, while a 200-day SMA reached $72.65. Nevertheless, trading volume fell to 30.98 million shares from 19.37 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 49.04, which, if violated, would cause prices to drop to 47.99. In the upper region, resistance lies at 51.83. The next price resistance is at 53.57. RSI (Relative Strength Index) is 30.21 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.28, which suggests the price will decrease in the coming days. Percent R is at 95.82%, 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 Jul 14, 2022 jumping by 4.27 million shares to 34.04 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 29.77 million shares. A jump of 12.54% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.64 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.64.
Which companies own the most shares of Micron Technology Inc. (MU)?
According to The Vanguard Group, Inc. filings, the company currently owns 86,887,639 shares, which is about 7.88% of the total MU shares outstanding. The investor’s shares have appreciated by 850,038 from its previous 13-F filing of 86037601.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $3,135,286,080. SSgA Funds Management, Inc. reduced a -2.80% interest valued at $2.56 billion while Sanders Capital LLC purchased a 19,010 stake. A total of -408,370 shares of Micron Technology Inc. were bought by PRIMECAP Management Co. during the quarter, and 4,788,266 were bought by Capital Research & Management Co. In its current portfolio, Capital Research & Management Co holds 36,376,254 shares valued at $2.06 billion.