MU investors were likely spooked this morning by Barrons's report: "Micron Technology Stock Has Further to Fall, Analyst Says. ..." For more coverage, read the full article here. On the back of this news, Micron Technology sank -1.4% to a price of $54.09. Are the markets overreacting?
Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products worldwide. The company belongs to the Technology sector, which has an average price to earnings (P/E) ratio of 26.5 and an average price to book (P/B) ratio of 5.57. In contrast, Micron Technology has a trailing 12 month P/E ratio of 7.0 and a P/B ratio of 1.2.
Micron Technology has moved -34.9% over the last year compared to -15.7% for the S&P 500 -- a difference of -19.2%. Micron Technology has a 52 week high of $98.45 and a 52 week low of $48.45. At today's price of $54.09 per share, Micron Technology is -18.49% away from its target price of $66.37, and on average, analysts give the stock a rating of buy. 2.8% of the company's shares are linked to short positions, and 82.2% of the shares are owned by institutional investors.