Micron Technology, Inc. (NASDAQ:MU) stock fell almost 2% Wednesday as investors weighed increased bearish positioning ahead of the company’s Sept. 30 earnings report.
The Technology sector and S&P 500 each fell about 0.5%, while the Nasdaq declined 0.69%.
Michael Burry increased bearish bets on Micron alongside short positions in the iShares Semiconductor ETF (NASDAQ:SOXX) and Palantir Technologies (NASDAQ:PLTR) in a recent update.
Micron has also traded largely sideways since July, in line with other memory-chip stocks.
Micron Earnings Take Center Stage
Micron is scheduled to report earnings on Sept. 30.
Analysts expect adjusted earnings of $31.43 per share, up from $3.03 a year earlier, and revenue of $51.05 billion, up from $11.31 billion.
The stock trades at a price-to-earnings ratio of 24.8 times.
Analysts Remain Positive Ahead Of Results
Micron carries a Buy consensus rating with an average price forecast of $1,528.26.
Citigroup maintained a Buy rating and raised its price forecast to $1,300 on Sept. 23. RBC Capital maintained Outperform with a $1,500 forecast on Sept. 18, while Mizuho maintained Outperform and lowered its forecast to $1,300 on Aug. 25.
Micron Carries Significant ETF Exposure
Micron represents 8.78% of the iShares Semiconductor ETF (NASDAQ:SOXX), 8.80% of the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) and 8.87% of the State Street SPDR NYSE Technology ETF (NYSE:XNTK).
Significant inflows or outflows from these funds can translate into buying or selling of Micron shares.
MU Stock Price Activity: Micron Technology shares were down 1.55% at $1079.20 at the time of publication on Wednesday, according to Benzinga Pro data.
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