SK hynix (NASDAQ:SKHY) Stock Price Down 3.2% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY) shares were down 3.2% during trading on Thursday. The stock traded as low as $134.04 and last traded at $137.71. Approximately 14,578,629 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 26,395,074 shares. The stock had previously closed at $142.25.

Analysts Set New Price Targets

SKHY has been the subject of a number of research analyst reports. Wall Street Zen raised shares of SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. Weiss Ratings began coverage on shares of SK hynix in a research report on Friday, October 2nd. They issued a “hold (c)” rating on the stock. Wells Fargo & Company restated a “buy” rating on shares of SK hynix in a report on Wednesday, October 28th. Stifel Nicolaus began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price target for the company. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price target on shares of SK hynix in a research note on Wednesday, October 28th. Four investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, SK hynix currently has an average rating of “Buy” and a consensus target price of $247.80.

SK hynix Price Performance

The business’s 50-day moving average price is $165.19. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The stock has a market capitalization of $1.01 trillion and a PE ratio of 8.36.

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Wednesday, October 28th. The memory chip maker reported $3.84 EPS for the quarter, missing analysts’ consensus estimates of $5.96 by ($2.12). The firm had revenue of $73.86 billion during the quarter, compared to the consensus estimate of $66.41 billion. As a group, equities research analysts anticipate that SK hynix Inc. will post 25.24 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ramsey Quantitative Systems purchased a new stake in SK hynix during the third quarter worth approximately $30,000. Richardson Financial Services Inc. purchased a new position in shares of SK hynix in the 3rd quarter valued at $50,000. Covestor Ltd purchased a new position in shares of SK hynix in the 3rd quarter valued at $60,000. Morse Asset Management Inc acquired a new position in shares of SK hynix during the 3rd quarter valued at $74,000. Finally, Silver Grove Financial Group Inc. acquired a new position in shares of SK hynix during the 3rd quarter valued at $80,000.

About SK hynix

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors. The company’s memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.