5 Cheap Semiconductor Stocks To Buy Now

3. Micron Technology, Inc. (NASDAQ:MU)

PE Ratio as of January 3: 9.06

Number of Hedge Fund Holders: 74

Micron Technology, Inc. (NASDAQ:MU), the leader in DRAM technology, has pulled back significantly. As of January 3, the stock is trading at a PE multiple of 9x and is offering investors an attractive buying opportunity. Micron Technology, Inc. (NASDAQ:MU) is placed third among the best cheap semiconductor stocks to buy now.

On December 22, JPMorgan analyst Harlan Sur maintained an Overweight rating and his $65 price target on Micron Technology, Inc. (NASDAQ:MU).

Micron Technology, Inc. (NASDAQ:MU) was held by 74 hedge funds at the end of Q3 2022. The total stakes of these hedge funds amounted to $2.50 billion. As of September 30, Jim Simons’ Renaissance Technologies is the top shareholder in Micron Technology, Inc. (NASDAQ:MU) and has a position worth $374 million in the company.

Here is what Claret Asset Management had to say about Micron Technology, Inc. (NASDAQ:MU) in its third-quarter 2022 investor letter:

“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”