In this article, we discuss the 5 best quantum computing stocks to invest in. If you want to see our detailed analysis of these stocks, go directly to the 11 Best Quantum Computing Stocks To Invest In.
5. Micron Technology, Inc. (NASDAQ:MU)
Number of Hedge Fund Holders: 87
Micron Technology, Inc. (NASDAQ:MU) is a technology company based in Idaho that engages in the provision of innovative memory and storage solutions. The company is one of the leaders in chip design and manufacture, providing essential components and technology for quantum computers. Ranked fifth on our list of the 11 best quantum computing stocks to invest in, Micron Technology, Inc. (NASDAQ:MU) has a market capitalization of $78.94 billion.
At the end of the second quarter of 2021, 87 hedge funds in the database of Insider Monkey held stakes worth $6.3 billion in Micron Technology (NASDAQ:MU). This is compared to 100 hedge funds in the preceding quarter with stakes worth $7.6 billion.
On September 29, JPMorgan analyst Harlan Sur reiterated an Overweight rating on Micron Technology, Inc. (NASDAQ:MU) with a $100 price target, stating that the end-market demand for PC remained healthy.
For the fiscal fourth quarter of 2021, Micron Technology, Inc. (NASDAQ:MU) reported earnings per share at $2.42, crossing consensus estimates by $0.08. The company also declared revenues amounting to $8.27 billion, surpassing estimates by $61.58 million.
Out of the hedge funds being tracked by Insider Monkey, Boston-based Arrowstreet Capital is a leading shareholder in Micron Technology, Inc. (NASDAQ:MU) with over 14.8 million shares worth more than $1.26 billion.