SK hynix (NASDAQ:SKHY) Shares Gap Up – Still a Buy?

SK hynix Inc. (NASDAQ:SKHY) gapped up before the market opened on Monday . The stock had previously closed at $166.33, but opened at $172.60. SK hynix shares last traded at $174.8170, with a volume of 7,324,066 shares traded.

Analyst Ratings Changes

A number of research firms have weighed in on SKHY. Cantor Fitzgerald assumed coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 target price on the stock. William Blair started coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating on the stock. Needham & Company LLC began coverage on SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $200.00 price objective on the stock. Stifel Nicolaus assumed coverage on SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 target price for the company. Finally, Wedbush upgraded SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, SK hynix presently has an average rating of “Buy” and an average target price of $245.50.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings results on Wednesday, July 29th. The memory chip maker reported $8.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.12 by $3.64. The business had revenue of $52.83 billion during the quarter, compared to the consensus estimate of $59.05 billion. Equities analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current 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.