Shares of SK Telecom Co. (NYSE:SKM) gapped down prior to trading on Wednesday . The stock had previously closed at $22.52, but opened at $22.54. SK Telecom shares last traded at $22.76, with a volume of 164,189 shares traded.

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

The stock has a market capitalization of $14.48 billion and a price-to-earnings ratio of 10.57. The stock has a 50 day moving average of $21.57 and a 200 day moving average of $20.34.

Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Morgan Stanley increased its position in 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. Wells Fargo & Company MN increased its position in 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. Finally, Advisors Asset Management Inc. increased its position 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 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.