MCHP Stock Summary and Trading Ideas (Microchip Technology | NASDAQ:MCHP)

Microchip Technology became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.

Microchip Technology trades on the NASDAQ stock market under the symbol MCHP.

As of April 19, 2024, MCHP stock price declined to $81.68 with 6,243,252 million shares trading.

MCHP has a beta of 1.62, meaning it tends to be more sensitive to market movements. MCHP has a correlation of 0.47 to the broad based SPY ETF.

MCHP has a market cap of $44.55 billion. This is considered a Large Cap stock.

Last quarter Microchip Technology reported $2 billion in Revenue and $1.08 earnings per share. This fell short of revenue expectation by $-4 million and exceeded earnings estimates by $.04.

In the last 3 years, MCHP stock traded as high as $94.30 and as low as $54.33.

The top ETF exchange traded funds that MCHP belongs to (by Net Assets): VTI, VOO, VO, QQQ, SPY.

MCHP has underperformed the market in the last year with a price return of +5.0% while the SPY ETF gained +21.2%. MCHP has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -8.2% and -6.7%, respectively, while the SPY returned +3.0% and -4.5%, respectively.

MCHP support price is $82.45 and resistance is $85.97 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that MCHP stock will trade within this expected range on the day.