SK hynix (NASDAQ:SKHY) Stock Price Up 2.1% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY)’s stock price shot up 2.1% on Tuesday. The company traded as high as $154.05 and last traded at $150.79. 14,359,779 shares were traded during mid-day trading, a decline of 46% from the average session volume of 26,459,586 shares. The stock had previously closed at $147.71.

Wall Street Analyst Weigh In

SKHY has been the topic of a number of research analyst reports. Zacks Research upgraded shares of SK hynix to a “hold” rating in a research report on Friday, July 24th. Weiss Ratings began coverage on shares of SK hynix in a research note on Friday, October 2nd. They set a “hold (c)” rating for the company. Rosenblatt Securities increased their price target on SK hynix from $320.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. Wolfe Research restated an “outperform” rating on shares of SK hynix in a research note on Wednesday, October 28th. Finally, Wall Street Zen upgraded SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. Four research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $247.80.

SK hynix Price Performance

The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.10 trillion and a price-to-earnings ratio of 11.94. The business has a 50-day moving average of $168.58.

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share for the quarter, missing the consensus estimate of $5.96 by ($2.12). The firm had revenue of $73.86 billion for the quarter, compared to analyst estimates of $66.41 billion. Analysts predict that SK hynix Inc. will post 25.28 earnings per share for the current year.

Hedge Funds Weigh In On SK hynix

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ramsey Quantitative Systems purchased a new stake in SK hynix in the third quarter worth about $30,000. Richardson Financial Services Inc. purchased a new position in shares of SK hynix during the 3rd quarter valued at about $50,000. Covestor Ltd bought a new position in shares of SK hynix during the 3rd quarter valued at approximately $60,000. Financial Management Professionals Inc. bought a new position in shares of SK hynix during the 3rd quarter valued at approximately $129,000. Finally, Albion Financial Group UT purchased a new stake in SK hynix in the 3rd quarter worth approximately $184,000.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.