SK hynix (NASDAQ:SKHY) Trading Up 8.1% – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY)’s share price rose 8.1% on Friday . The company traded as high as $177.70 and last traded at $177.00. 20,512,645 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 31,892,531 shares. The stock had previously closed at $163.68.

Analyst Ratings Changes

Several equities analysts recently weighed in on SKHY shares. Barclays dropped their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Wedbush raised SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Singular Research upgraded SK hynix to a “strong-buy” rating in a report on Friday, July 10th. Wall Street Zen raised SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Finally, William Blair assumed coverage on shares of SK hynix in a report on Tuesday, August 4th. They set an “outperform” rating on the stock. Four research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The business had revenue of $51.19 billion for the quarter. As a group, research analysts forecast that SK hynix Inc. will post 25.48 EPS for the current fiscal 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.