SK hynix (NASDAQ:SKHY) Trading Up 3.4% – What’s Next?

Shares of SK hynix Inc. (NASDAQ:SKHY) shot up 3.4% on Tuesday . The stock traded as high as $196.48 and last traded at $195.37. Approximately 18,427,038 shares changed hands during trading, a decline of 39% from the average daily volume of 30,285,895 shares. The stock had previously closed at $188.86.

Wall Street Analysts Forecast Growth

SKHY has been the topic of a number of recent analyst reports. Stifel Nicolaus began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $240.00 target price on the stock. Wolfe Research assumed coverage on SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price objective for the company. Needham & Company LLC upped their price objective on SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, August 24th. Wedbush raised SK hynix to a “strong-buy” rating in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. started coverage on SK hynix in a research report on Thursday, September 10th. They issued an “overweight” rating and a $245.00 target price for the company. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $247.67.

SK hynix Trading Up 3.4%

The firm has a 50-day moving average price of $162.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.59 and a quick ratio of 2.29. The firm has a market cap of $1.43 trillion and a P/E ratio of 15.47.

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The business had revenue of $51.19 billion for the quarter. Sell-side analysts expect that SK hynix Inc. will post 25.69 earnings per share for the current fiscal year.

About SK hynix

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

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.