Micron Falls 1.89% to $971.53 as Traders Lock In Gains After 786% Rally
Updated
Updated · Benzinga · Jul 24
Micron Falls 1.89% to $971.53 as Traders Lock In Gains After 786% Rally
3 articles · Updated · Benzinga · Jul 24
Summary
Micron shares dropped 1.89% to $971.53 in Friday premarket trading as investors took profits across memory-chip stocks despite a firmer broader market.
That pullback follows a 786.25% 12-month surge that left the stock near the top of its 52-week range, increasing the risk of consolidation after a steep rally.
Technical signals were mixed: Micron traded about 2% above its 20-day moving average but roughly 2% below its 50-day average, while its RSI sat at 52.02 and MACD stayed below its signal line.
Wall Street still expects strong fundamentals, forecasting about $31.24 a share on $50.72 billion in revenue for results due around Sept. 22, versus $3.03 and $11.31 billion a year earlier.
Analyst sentiment remains bullish with a consensus Buy and an average target of $1,548.86, though the stock's premium valuation can amplify short-term selling when traders cash in gains.