SK hynix (NASDAQ:SKHY) Stock Price Up 2.6% on Analyst Upgrade

SK hynix Inc. (NASDAQ:SKHY)’s stock price rose 2.6% during mid-day trading on Wednesday after Citigroup upgraded the stock to a strong-buy rating. The stock traded as high as $165.47 and last traded at $164.98. Approximately 11,081,099 shares changed hands during trading, a decline of 66% from the average daily volume of 32,631,084 shares. The stock had previously closed at $160.78.

Several other research analysts also recently weighed in on the company. Rosenblatt Securities assumed coverage on SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price target for the company. Cantor Fitzgerald began coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 target price on the stock. Wolfe Research started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 target price for the company. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, Needham & Company LLC lifted their price target on shares of SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday, August 24th. Four research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last posted its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The business had revenue of $51.19 billion during the quarter. On average, analysts expect that SK hynix Inc. will post 25.48 earnings per share for the current year.

About SK hynix

SK hynix Inc is a South Korea-based semiconductor company that develops, manufactures, and sells memory products used in a wide range of electronic devices and computing systems. Its portfolio includes DRAM, NAND flash, and other memory solutions that support applications such as servers, PCs, mobile devices, and consumer electronics.

The company serves customers globally through the semiconductor supply chain and is recognized as one of the major memory chip producers in the industry.