SK Telecom Co. (NYSE:SKM)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $21.08, but opened at $21.14. SK Telecom shares last traded at $21.37, with a volume of 207,962 shares trading hands.

Separately, HSBC downgraded SK Telecom from a “buy” rating to a “hold” rating in a research note on Wednesday, April 27th.

The company has a market capitalization of $13.64 billion and a price-to-earnings ratio of 9.82. The stock’s 50-day moving average price is $20.42 and its 200-day moving average price is $19.92.

A number of hedge funds have bought and sold shares of SKM. Advisors Asset Management Inc. increased its stake in SK Telecom by 11.2% in the fourth quarter. Advisors Asset Management Inc. now owns 66,669 shares of the company’s stock valued at $1,343,000 after buying an additional 6,688 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of SK Telecom by 26.4% in the fourth quarter. Wells Fargo & Company MN now owns 412,499 shares of the company’s stock valued at $8,311,000 after buying an additional 86,109 shares during the period. Silchester International Investors LLP increased its position in shares of SK Telecom by 3.5% in the fourth quarter. Silchester International Investors LLP now owns 13,071,976 shares of the company’s stock valued at $263,400,000 after buying an additional 447,600 shares during the period. Morgan Stanley increased its position in shares of SK Telecom by 117.8% in the fourth quarter. Morgan Stanley now owns 455,543 shares of the company’s stock valued at $9,180,000 after buying an additional 246,346 shares during the period. Finally, Baillie Gifford & Co. increased its position in shares of SK Telecom by 312.8% in the fourth quarter. Baillie Gifford & Co. now owns 156,374 shares of the company’s stock valued at $3,151,000 after buying an additional 118,494 shares during the period.

SK Telecom Co, Ltd. is a wireless telecommunications service provider. The Company offers the following core services: Cellular voice services; Wireless data services; Broadband Internet, Internet Protocol television (IPTV) and fixed-line telephone services, and New businesses. The Company provides wireless voice transmission and wireless global roaming services.

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