Micron (MU) is long from $21.77. It is trading at $46.03 as of this writing. MU makes DRAM and NAND memory chips. It is one of the cheapest stocks trading at a P/E of about 4.
Gross margins on NAND memory chips may have already peaked. There are indications that gross margins on DRAM may also be peaking. If it turns out to be true, then the earnings estimates on Wall Street are too high. This has happened before. In the last cycle, when Wall Street earnings estimates started coming down, this stock was hit really bad.