Micron Stock Retreats After Best Day In 2 Months: Business Chief Offloads $10M Stake At Near-Record Levels

• Micron shares have risen 45% in the last 10 sessions, within touching distance of a record high.
• Retail investors debate whether Micron and other memory stocks would rally further.
• Stocktwits sentiment for MU has been ‘bearish’ for a week.

Micron Technology, Inc. shares declined nearly 2% in early premarket on Wednesday, retreating after sharp gains in recent days, which put the stock in touching distance of its record high.

Some investors appeared to be booking profits, while others shifted focus to macro signals, even as retail sentiment around the high-velocity memory stock stayed bearish, suggesting traders see resistance to a breakout above its all-time high. U.S. futures were mostly flat early Wednesday.

Meanwhile, Micron’s chief business officer, Sumit Sadana, sold $10 million worth of stock, according to a filing on Tuesday. The executive sold 224,021 shares at an average price of $421.35 per share last week. He had sold a similarly-sized lot in early February.

Micron shares rallied 9.2% on Tuesday, its best intraday move in over two months. The stock has climbed about 45% in the last 10 sessions, all but covering the losses in the days after Micron’s quarterly report on March 18.

Memory chip stocks have been on a roll for about a year as surging demand from AI data centers has driven shortages and price gains across the industry, a trend increasingly reflected in the latest quarterly earnings from major players, including SanDisk, Seagate Technology, and Western Digital.

While the companies and analysts tracking them have indicated that memory demand would remain robust for the next few years, investors question how much further the stocks would run after already exceptional gains over the past year.

On Stocktwits, the retail sentiment for MU remained ‘bearish,’ unchanged since last week, amid low message volume.

“$MU $SNDK All good news priced in. Time for puts,” said a trader. Another wrote: “$MU secure some profits before its too late.” Year-to-date, MU shares are up 63%.

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