What Will Happen to Micron Technology, Inc. (MU) Next? The Stock Formed a Several Months Wedge Up Chart Pattern

Micron Technology, Inc. (NASDAQ:MU) Logo

Investors sentiment decreased to 0.76 in Q4 2018. Its down 0.29, from 1.05 in 2018Q3. It worsened, as 103 investors sold Micron Technology, Inc. shares while 274 reduced holdings. 84 funds opened positions while 201 raised stakes. 826.56 million shares or 7.71% more from 767.36 million shares in 2018Q3 were reported.
95,320 were reported by Glenmede Tru Na. Wealth Enhancement Advisory Serv Ltd Liability Company holds 0.05% or 24,155 shares in its portfolio. The New York-based Catalyst Advsr Ltd Llc has invested 0.05% in Micron Technology, Inc. (NASDAQ:MU). Tarbox Family Office has invested 0.01% in Micron Technology, Inc. (NASDAQ:MU). State Board Of Administration Of Florida Retirement Sys owns 1.54 million shares for 0.15% of their portfolio. 69,167 were reported by First Allied Advisory Serv. Ajo Lp, a Pennsylvania-based fund reported 1.59 million shares. Axa, France-based fund reported 1.14M shares. Blume Cap Management Inc invested in 0.37% or 20,600 shares. Boussard & Gavaudan Inv Mngmt Limited Liability Partnership accumulated 195,418 shares or 0.33% of the stock. United Cap Fincl Advisers Limited reported 510,034 shares. Miller Howard Investments Incorporated New York owns 69,411 shares. Walleye Trading Lc holds 0.67% in Micron Technology, Inc. (NASDAQ:MU) or 2.88 million shares. Norinchukin National Bank & Trust The has invested 0.09% in Micron Technology, Inc. (NASDAQ:MU). Leavell Mgmt Incorporated holds 0.04% of its portfolio in Micron Technology, Inc. (NASDAQ:MU) for 9,500 shares.

The stock of Micron Technology, Inc. (MU) formed an up wedge with $43.10 target or 8.00 % above today’s $39.91 share price. The 5 months wedge indicates low risk for the $44.17B company. If the $43.10 price target is reached, the company will be worth $3.53B more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock decreased 0.87% or $0.35 during the last trading session, reaching $39.91. About 17.79 million shares traded. Micron Technology, Inc. (NASDAQ:MU) has declined 13.78% since May 8, 2018 and is downtrending. It has underperformed by 18.15% the S&P500.

Analysts await Micron Technology, Inc. (NASDAQ:MU) to report earnings on June, 19. They expect $0.81 earnings per share, down 74.04 % or $2.31 from last year’s $3.12 per share. MU’s profit will be $896.42 million for 12.32 P/E if the $0.81 EPS becomes a reality. After $1.67 actual earnings per share reported by Micron Technology, Inc. for the previous quarter, Wall Street now forecasts -51.50 % negative EPS growth.

Micron Technology, Inc. (NASDAQ:MU) Ratings Coverage

Among 14 analysts covering Micron Technology (NASDAQ:MU), 9 have Buy rating, 1 Sell and 4 Hold. Therefore 64% are positive. Micron Technology had 46 analyst reports since November 20, 2018 according to SRatingsIntel. BMO Capital Markets maintained it with “Buy” rating and $50 target in Monday, March 18 report. The firm has “Sector Perform” rating given on Wednesday, December 19 by RBC Capital Markets. UBS maintained the stock with “Hold” rating in Thursday, March 21 report. The stock of Micron Technology, Inc. (NASDAQ:MU) earned “Buy” rating by KeyBanc Capital Markets on Wednesday, November 28. The stock of Micron Technology, Inc. (NASDAQ:MU) has “Neutral” rating given on Tuesday, November 27 by UBS. KeyBanc Capital Markets maintained the shares of MU in report on Monday, December 10 with “Overweight” rating. The stock of Micron Technology, Inc. (NASDAQ:MU) earned “Hold” rating by Citigroup on Tuesday, March 19. Wells Fargo maintained Micron Technology, Inc. (NASDAQ:MU) rating on Wednesday, December 19. Wells Fargo has “Outperform” rating and $50 target. The rating was maintained by Deutsche Bank with “Buy” on Monday, March 4. The rating was maintained by KeyBanc Capital Markets with “Buy” on Thursday, March 21.

More notable recent Micron Technology, Inc. (NASDAQ:MU) news were published by: Nasdaq.com which released: “New Pressure on China Might Just Boost Applied Materials Stock – Nasdaq” on April 22, 2019, also Nasdaq.com with their article: “Yield10 Bioscience Signs Exclusive Worldwide License with University of Missouri for Advanced Technology Used to Boost Oil Content in Crops – Nasdaq” published on May 08, 2019, Seekingalpha.com published: “Micron’s Bond Is Also Too Cheap – Seeking Alpha” on May 01, 2019. More interesting news about Micron Technology, Inc. (NASDAQ:MU) were released by: Nasdaq.com and their article: “Micron (MU) Down 1.3% Since Last Earnings Report: Can It Rebound? – Nasdaq” published on April 19, 2019 as well as Investorplace.com‘s news article titled: “Better Pricing, New Product Release Could Boost Micron Stock – Investorplace.com” with publication date: April 25, 2019.

Micron Technology, Inc. provides semiconductor systems worldwide. The company has market cap of $44.17 billion. The firm operates through four divisions: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It has a 3.64 P/E ratio. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and hybrid memory cube semiconductor memory devices for use in networking and computing applications.

Micron Technology, Inc. (NASDAQ:MU) Institutional Positions Chart

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