10 Best High Volume Stocks To Buy According to Hedge Funds

5. Micron Technology (NASDAQ:MU)

Avg Volume: 25.25 million

Quarterly Revenue Growth: 81.53%

Number of Hedge Fund Holders: 120

Micron Technology Inc. (NASDAQ:MU) specializes in producing computer memory and data storage solutions, including dynamic random-access memory, flash memory, and USB flash drives.

In the fiscal third quarter of 2024, the company reported revenue of $6.8 billion, a significant increase from $3.7 billion in the same period last year, marking an approximately 82% year-over-year growth driven primarily by robust demand for AI technologies. Despite this impressive performance, Micron may face challenges due to an inventory surplus from the previous year.

On September 17, Citi revised its outlook for Micron Technology Inc. (NASDAQ:MU), lowering the stock’s price target to $150 from $175 while maintaining a Buy rating. This adjustment comes ahead of the company’s fiscal fourth quarter 2024 results, set to be announced on September 25 after market close. Citi’s analysis highlights an accumulation of DRAM inventory in the PC and smartphone markets but anticipates that this backlog will be resolved by year-end. Despite the short-term challenges, Citi remains optimistic about Micron’s prospects, expecting improvements in revenue and gross margins in the coming quarters.

Additionally, Micron Technology Inc. (NASDAQ:MU) recently launched its Crucial P310 2280 Gen4 NVMe solid-state drive (SSD), which offers double the performance of Gen3 SSDs and a 40% speed increase over its predecessor. This new SSD targets a wide consumer base, including gamers, students, and creative professionals.

Micron Technology, Inc. (NASDAQ:MU) appeared in the 13F holdings of 120 hedge funds during the second quarter, with a combined stake valued at $5.2 billion.

ClearBridge Value Equity Strategy stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q2 2024 investor letter:

“Stock selection in the IT sector proved to be the largest contributor to performance, particularly driven by the strong performance of Micron Technology, Inc. (NASDAQ:MU) The company, which designs, develops, manufactures and sells memory and storage products, continued its strong performance alongside other AI beneficiaries as the anticipated demand for new and additional storage essential for housing and training large language AI models continues to grow.”