SK hynix (NASDAQ:SKHY) Shares Up 5.5% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s stock price was up 5.5% on Monday. The stock traded as high as $135.60 and last traded at $134.38. 22,430,731 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 26,715,043 shares. The stock had previously closed at $127.34.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SKHY shares. Rosenblatt Securities boosted their price target on shares of SK hynix from $320.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Wells Fargo & Company restated a “buy” rating on shares of SK hynix in a report on Wednesday, October 28th. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Barclays lowered their target price on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, Weiss Ratings started coverage on SK hynix in a report on Friday, October 2nd. They issued a “hold (c)” rating on the stock. Four analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $247.80.

SK hynix Price Performance

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 business’s 50 day moving average is $166.79. The company has a market cap of $981.64 billion and a P/E ratio of 10.64.

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings data on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share for the quarter, missing the consensus estimate of $5.96 by ($2.12). The firm had revenue of $73.86 billion for the quarter, compared to analyst estimates of $66.41 billion. On average, equities analysts forecast that SK hynix Inc. will post 25.24 EPS for the current year.

Institutional Investors Weigh In On SK hynix

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ramsey Quantitative Systems acquired a new position in SK hynix in the third quarter valued at $30,000. Richardson Financial Services Inc. purchased a new position in shares of SK hynix during the third quarter worth about $50,000. Covestor Ltd acquired a new stake in shares of SK hynix during the third quarter worth about $60,000. Silver Grove Financial Group Inc. acquired a new stake in shares of SK hynix during the third quarter worth about $80,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SK hynix during the third quarter worth about $99,000.

About SK hynix

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors.

The company’s memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.