5 Most Undervalued Stocks to Buy Now

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

PE Ratio as of November 4: 7.31

Number of Hedge Fund Holders: 69

On September 29, Micron Technology, Inc. (NASDAQ:MU) announced earnings for the fiscal fourth quarter of 2022. The company generated a revenue of $6.64 billion and reported earnings per share of $1.45, outperforming consensus by $0.08. As of November 4, Micron Technology, Inc. (NASDAQ:MU) is trading at a PE multiple of 7x and is offering a forward dividend yield of 0.86%. The company is a leader in the semiconductor space and is poised to capture further market share and retain its position in the DRAM and NAND markets. The stock is ranked high among the best undervalued stocks to buy now.

On October 13, Loop Capital analyst Charles Park took coverage of Micron Technology, Inc. (NASDAQ:MU) with a Buy rating and a $70 price target

At the close of Q2 2022, 69 hedge funds were long Micron Technology, Inc. (NASDAQ:MU) and held stakes worth $2.16 billion in the company. Of those, Matrix Capital Management was the top investor in the company and disclosed a position worth $221 million.

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.”