Microchip Technology Incorporated (NASDAQ:MCHP) traded at a new 52-week high today of $89.89. This new high was reached on below average trading volume as 235,000 shares traded hands, while the average 30-day volume is approximately 4.1 million shares.
Microchip 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 Incorporated (NASDAQ:MCHP) defies analysts with a current price ($88.48) 43.6% above its average consensus price target of $49.90.
In the past 52 weeks, shares of Microchip Technology Incorporated have traded between a low of $64.53 and a high of $89.89 and is now at $88.48, which is 37% above that low price.
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