Stock Traders Purchase Large Volume of Micron Technology Call Options (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) was the target of unusually large options trading activity on Thursday. Investors acquired 496,092 call options on the company. This represents an increase of approximately 144% compared to the typical daily volume of 202,975 call options.

Micron Technology Price Performance

Shares of NASDAQ:MU traded up $14.05 during trading on Thursday, reaching $109.82. The stock had a trading volume of 60,509,770 shares, compared to its average volume of 21,821,863. Micron Technology has a 1-year low of $63.83 and a 1-year high of $157.54. The stock has a market cap of $121.77 billion, a PE ratio of -78.00, a PEG ratio of 0.20 and a beta of 1.17. The business has a fifty day moving average price of $97.92 and a 200-day moving average price of $114.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.21) earnings per share. On average, equities analysts forecast that Micron Technology will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Atria Investments Inc boosted its stake in Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after purchasing an additional 93 shares during the period. Aspect Partners LLC grew its holdings in shares of Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 94 shares during the last quarter. Revolve Wealth Partners LLC increased its position in Micron Technology by 1.5% in the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after acquiring an additional 98 shares during the period. Ameritas Advisory Services LLC raised its stake in Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after acquiring an additional 98 shares during the last quarter. Finally, LRI Investments LLC grew its position in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analyst Ratings Changes

MU has been the topic of several research analyst reports. Citigroup lowered their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Wells Fargo & Company dropped their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and decreased their target price for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. Morgan Stanley upped their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Piper Sandler upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.42.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.