SK hynix Inc. (NASDAQ:SKHY) Stock Now Rated “Buy” by Wall Street Analysts

SK hynix Inc. (NASDAQ:SKHY) has been given an average recommendation of “Buy” by the sixteen brokerages that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and four have assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $247.80.

Several analysts have issued reports on SKHY shares. Zacks Research raised shares of SK hynix to a “hold” rating in a research report on Friday, July 24th. Needham & Company LLC boosted their target price on shares of SK hynix from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. UBS Group assumed coverage on shares of SK hynix in a research note on Wednesday, July 29th. They issued a “buy” rating and a $204.00 target price for the company. William Blair reaffirmed an “outperform” rating and set a $154.00 price target on shares of SK hynix in a report on Friday, October 30th. Finally, Barclays lowered their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Thursday, July 30th.

SK hynix Stock Performance

SKHY stock opened at $142.25 on Thursday. The firm has a market capitalization of $1.04 trillion and a price-to-earnings ratio of 11.26. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. SK hynix has a 1 year low of $122.20 and a 1 year high of $199.87. The company has a 50-day moving average of $165.19.

SK hynix (NASDAQ:SKHY) last released its quarterly earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 EPS for the quarter, missing the consensus estimate of $5.96 by ($2.12). The company had revenue of $73.86 billion during the quarter, compared to analysts’ expectations of $66.41 billion. On average, equities research analysts predict that SK hynix will post 25.24 EPS for the current year.

Hedge Funds Weigh In On SK hynix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. acquired a new stake in shares of SK hynix during the third quarter valued at about $226,201,000. Voya Investment Management LLC purchased a new stake in shares of SK hynix during the third quarter worth about $164,226,000. Pictet Asset Management Holding SA acquired a new position in shares of SK hynix in the third quarter worth about $69,830,000. Cullen Capital Management LLC acquired a new position in shares of SK hynix in the third quarter worth about $63,052,000. Finally, Aberdeen Group plc purchased a new position in SK hynix in the third quarter valued at about $54,030,000.

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.