SK Telecom (NYSE:SKM) Shares Gap Down – Here’s Why

SK Telecom Co., Ltd. (NYSE:SKM)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $45.04, but opened at $40.25. SK Telecom shares last traded at $39.89, with a volume of 1,661,597 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America downgraded SK Telecom from a “neutral” rating to an “underperform” rating in a research note on Wednesday, February 18th. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research report on Thursday, May 7th. Zacks Research raised SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Citigroup cut SK Telecom from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research report on Saturday, May 23rd. Four research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce”.

SK Telecom Price Performance

The firm has a market cap of $15.84 billion, a PE ratio of 68.78, a PEG ratio of 0.28 and a beta of 0.60. The firm has a fifty day simple moving average of $36.28 and a two-hundred day simple moving average of $28.71. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.03.

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

Hedge Funds Weigh In On SK Telecom

Institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp boosted its holdings in shares of SK Telecom by 94.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock worth $29,000 after purchasing an additional 648 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of 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 shares of SK Telecom during the 4th quarter worth approximately $30,000. Allworth Financial LP lifted its stake in shares of 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 acquiring an additional 987 shares during the last quarter. Finally, Wexford Capital LP bought a new stake in shares of 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.