Micron Technology Inc (NASDAQ: MU) shares have climbed back above the $1,000 threshold, with market attention now shifting to the company's quarterly results due at the end of this month.
On Friday, Micron shares closed up 6.1% at $1,016.59, marking the first close above $1,000 since August 17. Meanwhile, South Korean memory chip rivals SK Hynix and Samsung Electronics surged 8.3% and 5.7% respectively on Monday in the Korean market, with the strong performance of Asian peers providing a positive signal for further upside in Micron's stock.
The next key catalyst is the earnings release scheduled for September 30. According to FactSet data, Micron's adjusted earnings per share for the fourth fiscal quarter is expected to jump sharply to $30.89 from $2.84 in the same period last year, while revenue is projected to rise to $50.41 billion from $11.32 billion, with both metrics showing substantial year-over-year growth.
Stock reclaims $1,000 after nearly 700% surge over the past year, with revenue expected to climb sharply year over year
Micron's shares have gained nearly 700% over the past 12 months, and the return above $1,000 marks a full recovery from the mid-August pullback. The 6.1% single-day gain on Friday pushed the stock to a closing price of $1,016.59, the first time in nearly three weeks that it has settled above the $1,000 round-number level.
Due to the Labor Day holiday, Micron shares were not traded on Monday, but the performance of Korean peers offered an important reference point. SK Hynix rose 8.3% in a single session, while Samsung Electronics gained 5.7%, indicating a clear improvement in sentiment across the memory chip sector, which lends support to Micron's near-term trajectory.
Micron is set to report fourth-quarter fiscal results on September 30, and market expectations point to substantial growth in both earnings and revenue. According to FactSet, adjusted earnings per share for the quarter are estimated at $30.89, nearly ten times higher than the $2.84 reported a year ago. Revenue is projected to reach $50.41 billion, more than tripling from $11.32 billion in the prior-year period.