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4 Buys (Yes, Buys) at 52-Week Highs

MU Chart

Micron Technology (MU - Get Report), together with its subsidiaries, engages in manufacturing and marketing semiconductor devices worldwide. The company was founded in 1978 and is headquartered in Boise.

52 Weeks Range: $10.52 to $27.54

Price To Book: 3.1

Micron's share price is rocketing higher, taking short sellers to task. Justifying the ever-increasing share price is the real growth in revenue and strong earnings. The market doesn't believe it will continue, and that's presumably the reason it will.

In the last month alone, the shares have increased over 20%. Part of the increase is undoubtedly from a short squeeze resulting from a combination of a 10% short interest and share price appreciation. The rising price forces shorts to cover and shorts covering push the price higher. Rinse and repeat.

Micron is a volatile stock with a 1.79 Beta. Beta is a measurement of a given stocks movement in relation to the market. That tells me that we don't want to chase this one because its price movement generally allows for a buy during a pullback. Investors can use the volatility to their advantage by selling put options as an entry strategy. The risk is lower, and the premium collected goes straight to your portfolio bottom line.

MU Revenue (TTM) Chart

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