SK hynix (NASDAQ:SKHY) Stock Jumps 9.7% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY)’s share price was up 9.7% during mid-day trading on Wednesday. The stock traded as high as $145.79 and last traded at $142.25. Approximately 20,132,588 shares traded hands during trading, a decline of 24% from the average daily volume of 26,522,074 shares. The stock had previously closed at $129.66.

Wall Street Analyst Weigh In

SKHY has been the topic of a number of research reports. Weiss Ratings assumed coverage on SK hynix in a research report on Friday, October 2nd. They set a “hold (c)” rating on the stock. Citigroup upgraded SK hynix to a “strong-buy” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada reiterated an “outperform” rating and set a $200.00 price objective on shares of SK hynix in a research note on Wednesday, October 28th. Wolfe Research reissued an “outperform” rating on shares of SK hynix in a report on Wednesday, October 28th. Finally, Rosenblatt Securities raised their price target on SK hynix from $320.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. Four investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, SK hynix has an average rating of “Buy” and a consensus price target of $247.80.

SK hynix Stock Down 4.2%

The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $963.55 billion and a P/E ratio of 7.96. The business’s 50-day moving average is $164.64.

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 business had revenue of $73.86 billion during the quarter, compared to the consensus estimate of $66.41 billion. As a group, equities research analysts predict that SK hynix Inc. will post 25.24 EPS for the current fiscal year.

Institutional Investors Weigh In On SK hynix

A number of institutional investors have recently modified their holdings of SKHY. Bessemer Group Inc. acquired a new stake in SK hynix during the 3rd quarter worth about $226,201,000. Voya Investment Management LLC purchased a new stake in SK hynix in the 3rd quarter worth approximately $164,226,000. Pictet Asset Management Holding SA purchased a new position in shares of SK hynix during the 3rd quarter valued at $69,830,000. Cullen Capital Management LLC purchased a new stake in shares of SK hynix during the 3rd quarter worth about $63,052,000. Finally, Aberdeen Group plc bought a new position in SK hynix during the third quarter valued at approximately $54,030,000.

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.