TLDR
- Micron stock rose 3.1% to $1,030.52, with Q4 earnings due September 30.
- Adjusted EPS expected to jump to $30.89 from $2.84 a year earlier; revenue forecast at $50.41 billion.
- UBS expects memory chip average selling prices to rise over 20% in Q3, with undersupply lasting into 2027.
- Consensus analyst rating is “Buy” with an average price target of $1,295.63.
- Insiders sold roughly $182.2 million worth of stock over the last quarter.
Micron Technology (MU) stock climbed 3.1% to $1,030.52 in morning trading on Wednesday, September 9, as investors positioned ahead of the company’s fiscal fourth-quarter earnings report due September 30.
The gain came even as the broader market dipped, with the S&P 500 down 0.4%. South Korean peer SK Hynix also moved higher, with its American depositary receipts up 4.5%.
Wall Street is expecting a dramatic year-over-year profit jump. Adjusted earnings per share are forecast at $30.89, up from $2.84 in the same period last year. Revenue is expected to come in at $50.41 billion, nearly five times the prior year figure.
That kind of growth reflects what has been a remarkable run for memory chip pricing. UBS analyst Timothy Arcuri wrote Tuesday that he expects average selling prices for memory chips to rise more than 20% in Q3 compared to the previous quarter.
“We now expect both DRAM and NAND to continue to be undersupplied into 2027,” Arcuri wrote.
DRAM makes up roughly three quarters of Micron’s revenue and is used by computers and AI hardware to handle active data and processes. NAND handles longer-term storage.
Institutional Interest Stays High
Institutional investors own 80.84% of Micron stock. Denali Advisors LLC added a new position in Q2, picking up 6,380 shares worth approximately $7.4 million.
Several other firms also added to existing positions during the quarter, including Bellevue Asset Management, which increased its stake by 25.5%, and Mowery and Schoenfeld Wealth Management, which grew its position by 8.8%.
Analyst sentiment is broadly bullish. The consensus rating across 38 analysts is “Buy,” with an average price target of $1,295.63. Barclays has the most aggressive target on the street at $2,000, while Wells Fargo raised its target to $1,525 in June.
Micron’s last quarterly report, released June 24, topped expectations by a wide margin. The company posted $25.11 EPS against a consensus of $21.39, and revenue of $41.46 billion compared to the $35.91 billion expected. That revenue was up 345.8% year over year.
Insider Selling Worth Watching
Not everyone is adding. Insiders sold approximately $182.2 million worth of stock over the last quarter. CEO Sanjay Mehrotra sold 40,000 shares on August 21 at an average price of $968.90, totalling $38.76 million. That sale reduced his ownership stake by 13.14%.
Director Lynn A. Dugle also sold 1,300 shares in late June at $1,150.43 per share.
Micron has a market cap of $1.13 trillion, a price-to-earnings ratio of 22.65 and a PEG ratio of 0.64. Its 52-week range runs from $131.56 to $1,255.00.
The company has guided for Q4 EPS of $30.00 to $32.00. Analysts are projecting full-year EPS of $72.93.
The September 30 report will be the next major test for the stock, with investors watching for confirmation that contract pricing, HBM demand, and margins are holding up.
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