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NEW YORK – Shares of Micron Technology Inc. (NASDAQ:) ended Wednesday’s trading session slightly lower, despite a modest gain in . Closing at $77.14, Micron stock fell 0.04% from its previous day’s position, trailing the S&P 500’s 0.16% gain and the S&P 500’s 0.47% rise. Despite the daily lag, Micron saw a notable monthly rise of 11.84%, outpacing both the Computer and Technology sector’s rise of 5.61% and the S&P 500’s rise of 4.02%.
Looking ahead, analysts have set expectations for Micron’s upcoming financial results, projecting earnings to fall to -$1.02 per share, which would represent a significant year-over-year decline of 2,450%. other. Conversely, revenue is expected to reach $4.43 billion, an increase of 8.54% from the same quarter a year ago.
For the full fiscal year, Zacks Consensus Estimates suggest that Micron could see earnings of -$1.93 per share and revenue totaling $20.92 billion. These projections indicate a positive change from the previous fiscal year, with an expected profit improvement of 56.63% and revenue growth of 34.63%.
Recent adjustments analysts have made to their estimates for Micron are said to reflect near-term business trends, providing insight into the company’s potential business trajectory. Currently, Micron holds a Zacks Rank of #3 (Hold), indicating an analyst-recommended neutral position. In industry context, the Semiconductor Memory industry has a Zacks Industry Rank of #94, putting it well in the top half of all industries tracked at the 38th percentile.
According to InvestingPro, Micron Technology Inc. (NASDAQ:MU) has a market capitalization of $84.7 billion. The company’s P/E ratio stands at -14.41, which indicates that the company is operating at a loss. The trailing twelve month revenue in Q4 2023 stood at $15.54 billion, indicating a significant contraction of 49.48% from the previous period.
InvestingPro tips suggest that even though Micron is a leading player in the semiconductor and semiconductor equipment sector, it is struggling with declining revenue and low gross profit margins. The stock generally trades with low price volatility and is currently in overbought territory as indicated by the Relative Strength Index (RSI). Despite these challenges, the company’s liquidity exceeds its short-term obligations, suggesting strong financial footing.
InvestPro provides additional tips and information for Micron and other companies. For example, there are 14 additional tips for Micron that can provide a more complete understanding of the company’s financial health and market position.
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