SK Telecom (NYSE:SKM) Stock Price Down 6.2% – Here’s What Happened

SK Telecom Co., Ltd. (NYSE:SKM)’s share price was down 6.2% during trading on Wednesday . The company traded as low as $36.51 and last traded at $36.2360. Approximately 1,348,694 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 1,838,905 shares. The stock had previously closed at $38.64.

Analysts Set New Price Targets

A number of equities analysts have commented on SKM shares. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research note on Thursday, May 7th. Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday. Bank of America lowered SK Telecom from a “neutral” rating to an “underperform” rating in a research note on Wednesday, February 18th. Citigroup lowered SK Telecom from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Finally, Weiss Ratings raised SK Telecom from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

SK Telecom Trading Down 5.1%

The business’s 50-day moving average price is $34.85 and its two-hundred day moving average price is $27.83. The company has a market capitalization of $14.08 billion, a P/E ratio of 61.18, a PEG ratio of 0.23 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.00.

SK Telecom (NYSE:SKM) last announced its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.98 billion. SK Telecom had a net margin of 2.03% and a return on equity of 2.84%. As a group, analysts forecast that SK Telecom Co., Ltd. will post 2.76 EPS for the current fiscal year.

Institutional Investors Weigh In On SK Telecom

Large investors have recently modified their holdings of the business. Jones Financial Companies Lllp increased its holdings in shares of SK Telecom by 94.2% in the third quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock worth $29,000 after acquiring an additional 648 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in SK Telecom during the 4th quarter worth approximately $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in SK Telecom during the 4th quarter worth approximately $30,000. Allworth Financial LP increased its stake in SK Telecom by 138.2% during the 3rd quarter. Allworth Financial LP now owns 1,701 shares of the Wireless communications provider’s stock worth $37,000 after purchasing an additional 987 shares in the last quarter. Finally, Wexford Capital LP bought a new stake in SK Telecom during the 3rd quarter worth approximately $39,000.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.