The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Micron Technology Inc. shares valued at $858,171 were sold by MEHROTRA SANJAY on Apr 09 ’24. At $122.60 per share, MEHROTRA SANJAY sold 7,000 shares. The insider’s holdings dropped to 728,557 shares worth approximately $92.9 million following the completion of this transaction.
Also, MEHROTRA SANJAY sold 45,000 shares, netting a total of over 5,850,000 in proceeds. Following the sale of shares at $130.00 each, the insider now holds 728,557 shares.
Before that, MEHROTRA SANJAY had sold 7,000 shares from its account. In a trade valued at $854,665, the CEO and President traded Micron Technology Inc. shares for $122.09 each. Upon closing the transaction, the insider’s holdings decreased to 7,000 shares, worth approximately $94.81 million.
As published in a research note from KeyBanc Capital Markets on April 08, 2024, Micron Technology Inc. [MU] has been retained to an Overweight and the price target has been revised to $150. Analysts at Fox Advisors upgraded the stock from ‘”an Equal weight”‘ to ‘”an Overweight”‘ outlook in a report released in late March. As of March 21, 2024, Argus has increased its “Hold” rating to a “Buy” for MU. Earlier on March 21, 2024, TD Cowen resumed its rating. Their recommendation was “an Outperform” for MU stock.
Analyzing MU Stock Performance
During the last five days, there has been a surge of approximately 2.76%. Over the course of the year, Micron Technology Inc. shares have jumped approximately 49.41%. Shares of the company reached a 52-week high of $130.54 on 04/04/24 and a 52-week low of $79.15 on 02/20/24. A 50-day SMA is recorded $98.69, while a 200-day SMA reached $79.00. Nevertheless, trading volume fell to 21.65 million shares from 22.24 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 123.87, which, if violated, would cause prices to drop to 120.24. In the upper region, resistance lies at 129.35. The next price resistance is at 131.20. RSI (Relative Strength Index) is 73.70 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.59, which suggests the price will increase in the coming days. Percent R is at 12.91%, indicating bullish price movement. Stochastics %K at holding 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 Mar 28, 2024 jumping by 0.71 million shares to 22.82 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 22.11 million shares. A jump of 3.11% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 0.83 of the overall float, the days-to-cover ratio (short ratio) jumped to 0.83.
