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Microchip (MCHP) Jumps: Stock Rises 7.3%

Zacks Equity Research

Microchip Technology Incorporated MCHP was a big mover last session, as the company saw its shares rise more than 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This continues the recent uptrend for the company as the stock is now up 17.2% in the past one-month time frame.

The move came after the company’s third-quarter fiscal 2019 (ended Dec 31,2018) earnings and revenues beat analyst expectations.

The company has seen one negative estimate revision in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

Microchip currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.

Microchip Technology Incorporated Price

Microchip Technology Incorporated Price | Microchip Technology Incorporated Quote

Investors interested in the Semiconductor - Analog and Mixed industry may consider Inphi Corporation IPHI, which has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Is MCHP going up? Or down? Predict to see what others think: Up or Down

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