SK Telecom (NYSE:SKM) Sees Strong Trading Volume – Here’s Why

Shares of SK Telecom Co., Ltd. (NYSE:SKM) saw an uptick in trading volume on Tuesday . 1,991,562 shares traded hands during mid-day trading, an increase of 9% from the previous session’s volume of 1,825,618 shares.The stock last traded at $38.59 and had previously closed at $37.76.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SKM shares. Bank of America downgraded shares of SK Telecom from a “neutral” rating to an “underperform” rating in a report on Wednesday, February 18th. Weiss Ratings raised shares of SK Telecom from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Citigroup cut shares of SK Telecom from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. HSBC raised shares of SK Telecom from a “reduce” rating to a “hold” rating in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of SK Telecom from a “hold” rating to a “strong sell” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

SK Telecom Stock Up 1.5%

The stock has a market capitalization of $14.71 billion, a P/E ratio of 63.90, a P/E/G ratio of 0.23 and a beta of 0.61. The firm’s fifty day moving average is $34.63 and its 200-day moving average is $27.70. The company has a current ratio of 1.03, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59.

SK Telecom (NYSE:SKM) last announced its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. SK Telecom had a net margin of 2.03% and a return on equity of 2.84%. The firm had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.98 billion. As a group, equities research analysts predict that SK Telecom Co., Ltd. will post 2.76 earnings per share for the current year.

Hedge Funds Weigh In On SK Telecom

Institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its holdings in SK Telecom by 94.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock valued at $29,000 after purchasing an additional 648 shares during the last quarter. Kestra Advisory Services LLC bought a new position in SK Telecom during the 4th quarter valued at about $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in SK Telecom during the 4th quarter valued at about $30,000. Allworth Financial LP lifted its holdings in SK Telecom by 138.2% during the 3rd quarter. Allworth Financial LP now owns 1,701 shares of the Wireless communications provider’s stock valued at $37,000 after purchasing an additional 987 shares during the last quarter. Finally, Wexford Capital LP bought a new position in SK Telecom during the 3rd quarter valued at about $39,000.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.