Stock Track | Micron Technology Plunges 5.14% in Pre-Market as Investors Take Profits After Historic Rally

Stock Track05-28

Micron Technology's stock experienced a sharp pre-market plunge of 5.14% on Thursday, marking a significant pullback for the memory chip giant.

The decline is attributed to investors locking in gains following a historic two-day surge that saw the stock rally over 24%. This sharp upward move was fueled by UBS raising its price target to a Wall Street high of $1,625, citing the emergence of long-term agreements with partially fixed pricing that reduce earnings volatility. The upgrade had previously propelled Micron's market capitalization past the $1 trillion milestone for the first time.

The profit-taking occurred alongside a broader downturn in the semiconductor sector during the pre-market session, adding downward pressure on Micron's shares after their recent parabolic rally.

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