SK hynix (NASDAQ:SKHY) Trading Up 4.7% – Should You Buy?

SK hynix Inc. (NASDAQ:SKHY)’s share price was up 4.7% during mid-day trading on Tuesday . The company traded as high as $141.87 and last traded at $141.65. 16,810,477 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 42,857,242 shares. The stock had previously closed at $135.29.

Analysts Set New Price Targets

SKHY has been the subject of a number of recent research reports. Royal Bank Of Canada began coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price target for the company. Rosenblatt Securities began coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price objective on the stock. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Stifel Nicolaus began coverage on shares of SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $240.00 target price for the company. Finally, Needham & Company LLC began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $200.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $245.50.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, beating the consensus estimate of $5.12 by $3.64. The company had revenue of $52.83 billion for the quarter, compared to analyst estimates of $59.05 billion. As a group, analysts forecast that SK hynix Inc. will post 25.48 EPS for the current fiscal year.

SK hynix Company Profile

SK hynix Inc is a South Korea-based semiconductor company that develops, manufactures, and sells memory products used in a wide range of electronic devices and computing systems. Its portfolio includes DRAM, NAND flash, and other memory solutions that support applications such as servers, PCs, mobile devices, and consumer electronics.

The company serves customers globally through the semiconductor supply chain and is recognized as one of the major memory chip producers in the industry.