Top 5 Losers Today

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

Number of Hedge Fund Holders: 74

Shares of Micron Technology, Inc. (NASDAQ:MU) slid nearly four percent after the opening bell today. The drop came after Mizuho trimmed its price target for the semiconductor company from $52 per share to $50 per share.

Mizuho analyst Vijay Rakesh pointed towards near-term weakness because of renewed Covid restrictions in China and elevated inventories. Nevertheless, Rakesh kept a “Neutral” rating for Micron Technology, Inc. (NASDAQ:MU).

Separately, asset management firm Claret Asset Management also briefly discussed 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.”