SK hynix (NASDAQ:SKHY) Shares Gap Down – What’s Next?

Shares of SK hynix Inc. (NASDAQ:SKHY) gapped down prior to trading on Monday . The stock had previously closed at $163.41, but opened at $157.37. SK hynix shares last traded at $153.63, with a volume of 4,965,566 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SKHY. Needham & Company LLC initiated coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $200.00 price objective for the company. Stifel Nicolaus started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 target price on the stock. Barclays lowered their target price on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Rosenblatt Securities assumed coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price target for the company. Finally, UBS Group initiated coverage on SK hynix in a research note on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, SK hynix presently has a consensus rating of “Buy” and a consensus price target of $245.50.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The company had revenue of $51.19 billion during the quarter. On average, equities research analysts predict that SK hynix Inc. will post 25.48 EPS for the current fiscal year.

About SK hynix

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.