Micron Technology Inc. (NASDAQ: MU) shares rose on Tuesday Dec 13 with lighter trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, the Dow DJIA, +0.47% climbed 106 points, or 0.6%, to 19,905. If the Dow finishes higher, it will notch its seventh straight gain.
The S&P 500 index SPX, +0.56% gained 10.45 points, or 0.5%, to 2,267 and the tech-heavy Nasdaq Composite Index COMP, +1.02% added 48 points, or 0.9%, to 5,461.
Both the S&P 500 index SPX, +0.56% and Nasdaq Composite COMP, +1.02% ended lower on Monday, with investors appearing reluctant to push shares higher ahead of the Fed meeting
Analysts at Loop Capital initiated coverage on Micron Technology Inc. (NASDAQ: MU) stock, rating the company at Hold. The company currently has a rating of Hold on the stock. The one-year price target of $21.41 is higher than the opening price of $20.14, resulting a number of other analysts to report on the stock recently. Looking back over the last 52 weeks, Micron Technology Inc. stock has a high of $20.99. Analysts and brokerage firms will subsequently re periodic updates after beginning or initiating coverage. Changes in price targets are not unheard of.
Shares of Micron Technology Inc. (NASDAQ: MU) opened at $20.14 on Tuesday and has traded in a range between, $19.94 and $20.18, and last traded at $20.08, which is a jump of $0.06 or 0.28% from the previous closing price.
Micron Technology Inc. (NASDAQ: MU) currently has a market cap of 20.91B.
Micron Technology Inc. (NASDAQ: MU) Average Daily Trading Volume
3,407,204 shares traded hands yesterday, lower than the average, out of a total float 1,036,256,000. Trading volume is likely to increase in the next few days as swing traders often use upticks in trading volume to determine substantial volume growth or dissemination by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% above normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
Micron Technology Inc. (NASDAQ: MU) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Micron Technology Inc. (NASDAQ: MU) have ranged from $9.31 – 20.990, and the stock now has a 50-day MA of $18.43 and 200-day MA of $15.84. Today’s last price is 4.36%% lower than the 52 week high of $20.99.
Earnings growth is a critical factor to look at when investing in stocks and investors identify companies that have grown their earnings by at least 25% over a 3 year period.
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