Micron stock (NASDAQ: MU) just ripped nearly 85% in a month, almost doubling investors’ money in such a short period. Most of the price spurt came after US President Donald Trump praised the company in a rally in New York City. Both institutional funds and retail traders have been making a beeline to ride the bull run. This makes MU the most-watched stock in the market, as it is now highly talked about in the equity circles.
In just a month, Micron stock went from $576 to $1,064 on Tuesday’s closing bell. That’s a rise of 84.60%, after a spectacular surge of 487 points in a month. The company has transitioned from a regular semiconductor firm into an absolute market phenomenon. It is now attracting high-profile institutional funds with Wall Street analysts running to provide price predictions. Those who missed out on the bull run are now in a psychological dilemma whether to invest or stay away from MU.
Also Read: Analyst Who Called Micron Stock Surge Has New Price Message
Should You Sell Micron Stock Now and Book Profits on MU?
Selling Micron stock now and cashing out would mean jumping ship too early, according to recent Wall Street price predictions. The majority of analysts are projecting that the bull run will likely continue and have maintained their buy rating. Just recently, the Managing Director of TD Cowen, Krish Sankar maintained his buy call for MU. Even Melissa Fairbanks, the Vice President, Equity Research at Raymond James, reiterated her buy rating for MU with a $1,100 price target.
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Therefore, Micron stock still has upside potential, but even if a dip occurs, accumulating MU could be a good choice. The chances of a downturn have now increased as MU is trading at its 52-week high. Investors could cash out due to profit bookings, and the sell-off might pull prices down. Staying invested or accumulating the dips and holding on till $1,100 would be beneficial to traders.
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