NEW YORK (TheStreet) -- It's very rare a company can double in share price in a six-month period and still be a mystery to investors.This puts shares of memory maker Micron Technology ( MU) in very exclusive company. In fact, since the stock bottomed at $5.16 on Oct. 24, Micron is up a remarkable 147%. With third-quarter earnings results coming up on Wednesday, investors want to know if they should lock in profits now or stay in. However, I don't think that's the right question to ask especially since the stock is known for its volatility. Investors still seem unsure of what Micron or its business based on flash memory. Micron's memory business consists of NOR and NAND, non-volatile storage technologies that requires no power to retain data. Although these two standards share some similarities, they serve different purposes. For instance, in products like MP3 players, which requires higher capacity storage, NAND would be the choice, whereas the speed and efficiency of the NOR platform would be found mobile phones. While Micron has been credited for having perfected this market, the company has never really been alone. Rivals includnig SanDisk ( SNDK) and Applied Materials ( AMAT) have proven to be worthwhile competitors. When you throw a dominant power like Samsung into the mix, the space gets crowded pretty quickly. With weak leverage, Micron began to lose market share to SanDisk and Samsung. Making matters worse was the declining PC, which impacted upon Micron's DRAM or dynamic random access memory, business -- the type often found in personal computers.
The revenue expectations seems a bit light, however. In the March quarter, Micron posted 3% year-over-year increase in revenue, which also jumped 13% sequentially, enough to beat estimates of $1.92 billion. The Street seems a bit more optimistic here as well as estimates have inched up slightly over the past two months. It will be also interesting to hear what management says about the progress of the memory business and previous diversification plans. With competition gaining ground while ASPs are falling, I've argued that Micron should seek stronger growth opportunities in other end-markets such as servers and mobile. AAPL). Given Apple's rivalry against Samsung, I would expect Apple would do what it can to give Micron any edge to compete more effectively in the memory business. In the meantime, as more mobile devices continue to enter the market, Micron should see some residual benefit. With improved cash flow and margin expansion, there's still a lot of value in Micron. And if the company can turn profitable faster than expected, $15 per share may not be out of the question at some point in the second half of this year. At the time of publication the author had a position in AAPL. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.