Even as the stock sits near the flatline, it earlier tapped a fifth consecutive record
Shares of chipmaker Micron Technology Inc (NASDAQ:MU) briefly hit a fresh record high for a fifth-straight session before edging down 0.5% to trade at $285.21. The move reflects an extension of the stock's long-term, tech-induced outperformance. MU has surged 240% since the start of the year, with two brief pullbacks in November and mid-December, which were captured by the 50-day moving average.
Surprisingly, short-term bears have been entering MU in droves, per it's Schaeffer's put/call open interest ratio (SOIR) of 1.23, which ranks higher than all annual readings. An unwinding of these bearish bets could generate additional tailwinds for the equity moving forward.
Options on Micron Technology are currently looking affordable. The stock's Schaeffer's Volatility Index (SVI) of 52% sits higher than just 22% of readings from the last year.
Additionally, MU's stands at 87 out of 100. This means the security has consistently realized higher volatility than its options have priced in.