18-Apr-2024
Buy Rating Affirmed for Microchip Technology Inc. on Strong Growth and Profitability Outlook
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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 18, 2024, MCHP stock price declined to $84.21 with 4,721,673 million shares trading.
MCHP has a beta of 1.65, meaning it tends to be more sensitive to market movements. MCHP has a correlation of 0.45 to the broad based SPY ETF.
MCHP has a market cap of $45.93 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 return of +6.3%, while the SPY ETF gained +22.2%. In the last 3 month period, MCHP fell short of the market, returning -1.7%, while SPY returned +5.2%. However, in the most recent 2 weeks MCHP has outperformed the stock market by returning -2.4%, while SPY returned -2.6%.
MCHP support price is $83.29 and resistance is $86.85 (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.