Is it a Good Time to Buy More Micron (MU) Shares?

Claret Asset Management, an asset management firm, published its third quarter 2022 investor letter – a copy of which can be downloaded here. According to the fund, higher interest rates will eventually act as a brake to this economy on steroids that is mainly funded through extreme fiscal largesse and printed money by central banks. The fund invests in companies with real business models that are well-run, have great prospects, and generate positive cash flows for the foreseeable future. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Claret Asset Management mentioned Micron Technology, Inc. (NASDAQ:MU) and explained its insights for the company. Founded in 1978, Micron Technology, Inc. (NASDAQ:MU) is a Boise, Idaho-based semiconductor manufacturing company with a $59.6 billion market capitalization. Micron Technology, Inc. (NASDAQ:MU) delivered a -41.11% return since the beginning of the year, while its 12-month returns are down by -18.94%. The stock closed at $54.86 per share on October 13, 2022.

Here is what Claret Asset Management has to say about Micron Technology, Inc. (NASDAQ:MU) in its Q3 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.”

Our calculations show that Micron Technology, Inc. (NASDAQ:MU) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Micron Technology, Inc. (NASDAQ:MU) was in 69 hedge fund portfolios at the end of the second quarter of 2022, compared to 78 funds in the previous quarter. Micron Technology, Inc. (NASDAQ:MU) delivered a -10.84% return in the past 3 months.

In October 2022, we also shared another hedge fund’s views on Micron Technology, Inc. (NASDAQ:MU) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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Disclosure: None. This article is originally published at Insider Monkey.