Even while Micron Technology (NASDAQ:MU) is a thriving business, MU stock has been in a state of decline for six months. This is mainly due to the challenges facing the memory-chip market in general.

However, even though the semiconductor shortage has been troublesome, Micron is still advancing its technology and generating robust revenues.

As we’ll see, there are data points to prove that Micron remains a thriving business in 2021. Nonetheless, the trading community seems to have chosen to focus only on the negative points.

In the big picture, the positive outweighs the negative and MU stock deserves to be much higher. Therefore, even in a pricey stock market, Micron offers a rare bargain which might not be available for much longer.

A Closer Look at MU Stock

First, let’s start off with some great news. As InvestorPlace contributor Mark R. Hake reported, Micron just initiated a dividend program.

The last time Micron paid a dividend, if you can believe it, was in 1996. That was a quarter of a century ago!

Additionally, we’ll soon discuss Micron’s excellent financials. As long as the company is generating strong revenues and earnings, Micron should be able to continue paying out dividends for the foreseeable future.

Granted, the announced dividend payment will be 10 cents, which probably won’t make anybody wealthy overnight.

Still, it’s all about the baby steps and hopefully Micron will increase its distributions in subsequent quarters.

Next, I can’t resist telling you about Micron’s ultra-low price-earnings ratio (P/E), which is 12.98 on a trailing 12-month basis.

For a technology company nowadays, that’s quite reasonable and indicates a bargain that’s hard to resist.

As for the MU stock price, it hit a resistance point of $95 three different times in early 2021. After that, the stock printed a series of lower highs, landing at $70 and change in early October.

In other words, Micron shares are cheaper than they’ve been for a while.

Results Are Great, but the Market Is Unimpressed

If you’re not convinced to buy the stock yet, let’s see if Micron’s financial data persuades you.

During the company’s fiscal fourth quarter, Micron reported revenues of $8.27 billion, which beat Wall Street’s estimate of $8.21 billion.

Turning now to the top-line result, Micron posted non-GAAP earnings of $2.42 per share, thereby outperforming the Wall Street estimate of $2.33 per share.

Furthermore, Wells Fargo analyst Aaron Rakers commented that Micron’s financial results were “relatively in line” with his expectations.

Additionally, Rakers believes that “the longer-term positive thesis is still very much intact for Micron” while also revealing, “[r]egardless of the near-term choppiness, we very much do like Micron.”

All of this sounds positive, but the MU stock price declined after the quarterly data release.

Setting a Low Bar

Overall, the apparent reason for the share-price slump is that Micron posted an outlook that Wall Street didn’t like.

For the company’s upcoming fiscal first quarter, Micron anticipates revenues of $7.65 billion (+/-$200 million). That’s a little under Wall Street’s expectation of $7.66 billion.

Thus, investors chose to focus on the disappointing forward guidance — which sets Micron up for an easy revenue beat, I believe, as the bar has been set low.

Besides, the outlook isn’t all negative. On the bright side, Micron CEO Sanjay Mehrotra asserted that the demand for memory in 2022 is strong, and that it will grow in the “mid-to-high teens.”

Not only that, but Mehrotra believes that flash storage will grow by roughly 30%.

Furthermore, Micron expects a “healthy industry supply-demand balance” and strong profitability next year.

The Bottom Line on MU Stock

Clearly, Micron posted an earnings beat. Yet, investors chose to focus on the negative while dismissing the good news.

So, we now have a bargain in MU stock. Thus, value hunters should be salivating at the opportunity here.

And with the expectations set low for the upcoming fiscal quarter, another Street-beating report should be in store for Micron.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.