8 Hot Growth Stocks To Buy According to Hedge Funds

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

Year-To-Date Gain as of November 6: 23.55%

Number of Hedge Fund Holders: 120

Micron Technology, Inc. (NASDAQ:MU) is a leading producer of memory and data storage solutions, including dynamic random-access memory (DRAM), flash memory, and solid-state drives (SSDs). As one of the world’s largest manufacturers of DRAM and NAND flash memory, its components are vital to various electronic devices.

Cantor Fitzgerald has reaffirmed its bullish stance on Micron Technology, Inc. (NASDAQ:MU), maintaining an Overweight rating and a price target of $150. This follows an investor call centered around the health of the DRAM and high-bandwidth memory (HBM) markets, as well as Micron’s evolving product lineup. The firm highlighted Micron’s strategic shift toward higher-value solutions, particularly in high-capacity server DRAM, LPDDR5, and enterprise SSDs. While HBM has garnered attention, the broader transition to high-margin products remains underappreciated by many investors. These innovations are expected to drive significant revenue in fiscal year 2025.

In Q4 2024, Micron Technology, Inc. (NASDAQ:MU) reported net income of $887 million on $7.75 billion in revenue, marking a 93% increase from $4 billion in the same period the previous year. Non-GAAP earnings were $1.18 per share. For the first quarter of 2025, the company expects revenue to reach $8.7 billion, surpassing Wall Street’s estimate of $8.21 billion.

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

“Micron Technology, Inc. (NASDAQ:MU) posted fiscal-third-quarter results that met expectations. Micron’s DRAM (dynamic random access memory) and NAND (non-volatile storage technology) segments grew revenue strongly, continuing the company’s recovery from a cyclical downturn last year. We believe Micron is well positioned to capitalize on AI-driven demand for greater memory.”