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Microchip Technology Incorporated (NASDAQ:MCHP) traded at a new 52-week high today of $88.92. Approximately 233,000 shares have changed hands today, as compared to an average 30-day volume of 3.9 million shares.
Based on a current price of $88.04, Microchip Technology Incorporated is currently 45.0% above its average consensus analyst price target of $48.44.
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.
In the past 52 weeks, shares of Microchip Technology Incorporated have traded between a low of $64.53 and a high of $88.92 and is now at $88.04, which is 36% above that low price.
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