SK hynix (NASDAQ:SKHY) Trading 7% Higher – What’s Next?

Shares of SK hynix Inc. (NASDAQ:SKHY) shot up 7% during trading on Wednesday . The company traded as high as $199.87 and last traded at $198.63. 29,582,535 shares were traded during trading, a decline of 6% from the average daily volume of 31,636,518 shares. The stock had previously closed at $185.55.

Analyst Ratings Changes

SKHY has been the subject of a number of research reports. Cantor Fitzgerald assumed coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “overweight” rating and a $300.00 price target for the company. Singular Research raised SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Citigroup raised SK hynix to a “strong-buy” rating in a report on Wednesday, September 2nd. Zacks Research upgraded SK hynix to a “hold” rating in a research report on Friday, July 24th. Finally, Wolfe Research assumed coverage on SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 target price on the stock. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $248.00.

SK hynix Stock Up 7.0%

The firm has a market capitalization of $1.45 trillion and a P/E ratio of 22.67. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average price is $157.76.

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The business had revenue of $51.19 billion for the quarter. On average, analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current year.

About SK hynix

SK hynix Inc is a South Korean semiconductor manufacturer that develops and produces memory products for data centers, artificial intelligence systems, personal computers, mobile devices, automotive applications and other technology markets. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.