On Wednesday, Boise, Idaho-based memory-chip maker Micron Technology reported a 129% jump in earnings per share, to $1.88. Revenue surged 36% to $7.42 billion. Both topped the Street’s consensus estimates. However, Micron stock fell nearly 6% Thursday, which some analysts say reflects concerns that rising inflation will impact the chipmaker. Still, on Thursday the stock Relative Strength Rating for Micron Technology (MU) jumped to 76, up from 69 the day before.
The 76 RS Rating means Micron stock has outperformed 76% of all stocks over the past year.
Top growth stocks often have an RS Rating of over 80 in the early stages of their moves. See if Micron Technology can continue to rebound and hit that benchmark.
Other Key Micron Stock Ratings Better
In terms of fundamentals, the company has posted rising EPS growth over the last two quarters. Sales growth has also increased over the same time frame.
Micron stock is building a consolidation with a 97.06 buy point. See if it can break out in volume at least 40% above average.
When looking for the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD’s unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock’s price action over the last 52 weeks matched up against all other stocks.
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