5 S&P 500 Stocks With The Most Upside

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

Number of Hedge Fund Holders: 69

Share Price as of October 24: $56.05

Micron Technology, Inc. (NASDAQ:MU) is an information technology company that develops memory and storage products. The company is based in Boise, Idaho.

Loop Capital’s Charles Park initiated coverage of Micron Technology, Inc. (NASDAQ:MU) shares on October 13 with a Buy rating and a $70 price target.

In the fiscal fourth quarter of 2022, Micron Technology, Inc. (NASDAQ:MU) had an EPS of $1.45, beating estimates by $0.08. The company’s revenue was $6.64 billion.

There were 69 hedge funds long Micron Technology, Inc. (NASDAQ:MU) in the second quarter, with a total stake value of $2.2 billion. In comparison, 78 funds were long the stock in the previous quarter, with a total stake value of $3.4 billion.

Claret Asset Management, an asset management firm, mentioned Micron Technology, Inc. (NASDAQ:MU) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”