Micron Technology Inc. (NASDAQ:MU) is a Boise-based company that produces forms of semi-conductor devices, including dynamic random-access memory, flash memory, and others. Micron stock had shot up 11.16% towards the end of the noon hour on March 12. The company is set to release its fiscal 2018 second quarter results on March 22.
Micron last released its first quarter results on December 19. Revenues had increased 71% year over year to $6.8 billion and operating cash flow climbed 220% to $3.64 billion. The company reported higher demand for its mobile, server, and SSD products that drove revenue in the first quarter of fiscal 2018. Shares of Micron have risen 47% in 2018 and are up 140% year over year.
With that in mind, is Micron worth adding to your portfolio today?
The surge in Micron’s price should come as a concern for prospective buyers. Micron stock is showing signs of being overbought as we look ahead to its next earnings report. Early reports suggest that Micron is set for a big earnings beat, which would explain that the gains are already being priced in.
For holders of Micron it would be a good time to look into taking profits ahead of its next quarterly report. For the long-term Micron still looks good as its products should remain in high demand. In a post-earning crunch investors may want to trickle back in depending on how the stock reacts in the spring.
