5 Semiconductor Stocks to Buy on the Dip

2. Micron Technology (NASDAQ:MU)

Number of Hedge Fund Holders: 78     

Percentage Decline in Share Price Over Past Six Months: 30.27% 

Micron Technology (NASDAQ:MU) makes and sells memory and storage products. On June 30, the company posted earnings for the third fiscal quarter, reporting earnings per share of $2.59, beating market estimates by $0.15. The revenue over the period was $8.6 billion, up more than 16% compared to the revenue over the same period last year. The firm said it expected revenue for the fourth fiscal quarter to be around $7.6 billion, compared to consensus estimates of more than $9 billion, amid weakening industry demand. 

On July 1, Evercore ISI analyst C.J. Muse maintained an Outperform rating on Micron Technology (NASDAQ:MU) stock with a price target of $90, noting that there was excess conservatism in the update outlook for the firm given the macro environment. 

At the end of the first quarter of 2022, 78 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in Micron Technology (NASDAQ:MU), compared to 83 in the preceding quarter worth $5.5 billion.