5 Best 5G Stocks To Invest In Right Now

2. Micron Technology, Inc. (NASDAQ: MU)

Number of Hedge Fund Holders: 100

Ranking 2nd on the list of 12 best 5G stocks to invest in right now is Micron Technology, Inc. (NASDAQ: MU). The Idaho-based memory and storage solution developer was founded in 1978. The company also provides devices with 5G power.

In July, Micron Technology, Inc. (NASDAQ: MU) started shipping their 176-layer NAND Universal Flash Storage 3.1 mobile solution which is designed to boost 5G performance up to 75%.

Keybanc analyst John Vinh kept an Overweight rating on Micron Technology, Inc. (NASDAQ: MU) and raised the firm’s price target to $120 per share from $115 per share, noting the company’s strong quarterly results and guidance.

The company has a market cap of $85.46 billion and currently offers a dividend yield of 0.53%. In the third quarter of 2021, 

Micron Technology, Inc. (NASDAQ: MU) reported an EPS of $1.88, beating estimates by $0.16. The company’s third-quarter revenue came in at $7.42 billion, up 35% year-over-year and beating estimates by $153.35 million. Shares of Micron Technology, Inc. (NASDAQ: MU) jumped 56.5% year-to-date.

By the end of the first quarter of 2021, 100 hedge funds out of the 866 tracked by Insider Monkey held stakes in Micron Technology, Inc. (NASDAQ: MU) worth roughly $7.62 billion. 

Bonsai Partners mentioned Micron Technology, Inc. (NASDAQ: MU) in its Q1 2021 investor letter:

“Micron is a manufacturer of memory semiconductor chips. Micron appreciated 17.3% during the quarter.

With the semiconductor cycle in full swing, sentiment continued to improve for major DRAM and NAND suppliers. Spot pricing for DRAM continues its upward march due to supply shocks across the industry and sustained demand levels that continue to outstrip supply.

As a result, Micron showed improving results for the fiscal first quarter, raised guidance intra-quarter for the fiscal second quarter, and offered strong guidance for the fiscal third quarter in both growth and margins.

While the cyclical nature of DRAM hasn’t changed, the cycles themselves continue to become more benign, leading to long-term economic improvement across these businesses. Micron is now continuously profitable, with industry players in a dramatically stronger position than even just five years ago.

The biggest negative surprise in the quarter came from Micron’s exit from its 3D XPoint hybrid memory business. The company also announced its decision to sell its accompanying Utah fab. Fortunately, this development does not alter the investment thesis much since 3D XPoint was an option ticket for future growth. While it’s unfortunate this product didn’t pan out, now is an excellent time to sell a fab, so perhaps it is a blessing in disguise?”