SK hynix (NASDAQ:SKHY) Shares Down 6.4% – Here’s Why

SK hynix Inc. (NASDAQ:SKHY) shares were down 6.4% during mid-day trading on Tuesday. The stock traded as low as $180.91 and last traded at $182.56. 21,502,335 shares changed hands during trading, a decline of 22% from the average daily volume of 27,695,129 shares. The stock had previously closed at $195.02.

Wall Street Analyst Weigh In

SKHY has been the topic of several analyst reports. Needham & Company LLC upped their price target on shares of SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. JPMorgan Chase & Co. started coverage on shares of SK hynix in a research report on Thursday, September 10th. They issued an “overweight” rating and a $245.00 price objective for the company. William Blair began coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating on the stock. Zacks Research upgraded SK hynix to a “hold” rating in a report on Friday, July 24th. Finally, Singular Research upgraded SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $253.22.

SK hynix Trading Down 6.4%

The firm’s 50-day simple moving average is $168.04. The company has a market cap of $1.33 trillion and a PE ratio of 14.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.59 and a quick ratio of 2.29.

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The company had revenue of $51.19 billion during the quarter. On average, sell-side analysts forecast that SK hynix Inc. will post 25.69 earnings per share for the current fiscal year.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products for data centers, personal computers, mobile devices, automotive systems and other technology applications. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.