Analyst: This Tech Stock Has Ample Upside Opportunity

Options bulls are echoing Baird's sentiment

Digital Content Manager
May 6, 2024 at 10:48 AM
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Micron Technology Inc (NASDAQ:MU) stock is 4.7% higher to trade at $120.10 at last check, after the semiconductor company received an upgrade from Baird to "outperform" from "neutral." The brokerage firm cited meaningful upside opportunities, given MU's recent pullback.

The equity took a breather from its April 4, record high of $130.54, but found support at the $105 level in late April. The 50-day moving average has been guiding shares higher as well, contributing to a 40.3% year-to-date lead. In the last 12 months, the shares rose more than 96%.

Options bulls are coming out of the woodwork today, with 64,000 calls exchanged so far -- double the intraday average volume -- compared to 28,000 puts. New positions are being bought to open at the most popular weekly 5/10 120-strike call.

Micron Technology stock is no stranger to bullish options activity. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 2.46 sits higher than 81% of readings from the past 12 months. This means options traders have favored calls over the last 10 weeks.

 

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