Micron Technology Inc. (NASDAQ:MU) stock rose more than 1% in Friday premarket trading as semiconductor stocks benefited from a firmer technology backdrop.

Nasdaq futures gained 0.54%, while S&P 500 futures edged 0.03% higher.

Micron shares have surged 478.78% over the past 12 months. Investors are now looking ahead to the memory chipmaker's earnings report on Sept. 30.

Micron Expands U.S. Memory Production

Meanwhile, Micron is expanding U.S. production as memory manufacturers race to add capacity amid a global supply shortage.

The company is building the first advanced memory fabrication plant in the U.S. in Boise, Idaho. The company also has another facility under construction in Clay, New York.

The expansion comes as tight memory supplies push major chip companies to secure additional capacity. NVIDIA Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD) are among the companies seeking more supply, CNBC reported Thursday.

However, a shortage of skilled workers could complicate the industry's expansion. The U.S. could face a shortage of as many as 157,000 semiconductor workers by 2030. Meanwhile, 73% of chip employers report significant difficulty filling engineering positions.

Technical Analysis

Micron recently traded at $989.34. That puts the stock 3.5% above its 20-day simple moving average of $957.53 and 6.9% above its 50-day average of $926.77.

It also trades 55.8% above its 200-day average of $636.27. The 20-day average remains above the 50-day, while the 50-day remains above the 200-day. That structure points to a continuing long-term uptrend.

Meanwhile, Micron's relative strength index stands at 53.95. The neutral reading suggests momentum is neither overbought nor oversold.

Traders may watch $1,012 as a potential resistance area. On the downside, $887.50 represents a key support level.

Analyst Outlook

Micron carries a Buy consensus rating with an average price forecast of $1,521.74.

Mizuho maintained an Outperform rating in August but lowered its price forecast to $1,300. New Street Research upgraded Micron to Buy with a $1,250 forecast, while Citigroup maintained Buy and lowered its forecast to $1,150.

MarketDash Edge Rankings

Micron scores strongly on momentum, quality and growth in the MarketDash Edge scorecard.

Its Momentum score stands at 99.41, while Quality is 96.56 and Growth is 93.82. However, its Value score is lower at 25.39.

MU Stock Price Action

Micron shares rose 1.23% to $989.50 in Friday premarket trading, according to market data.