SK hynix (NASDAQ:SKHY) Stock Falls 2.4% – Here’s Why

SK hynix Inc. (NASDAQ:SKHY) shares traded down 2.4% during mid-day trading on Wednesday. The company traded as low as $176.70 and last traded at $178.25. 18,672,914 shares were traded during mid-day trading, a decline of 32% from the average session volume of 27,512,221 shares. The stock had previously closed at $182.56.

Analysts Set New Price Targets

A number of analysts recently commented on SKHY shares. Zacks Research raised shares of SK hynix to a “hold” rating in a report on Friday, July 24th. William Blair initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating for the company. Barclays reduced their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Citigroup raised SK hynix to a “strong-buy” rating in a research note on Wednesday, September 2nd. Finally, Rosenblatt Securities began coverage on SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, SK hynix presently has a consensus rating of “Buy” and an average price target of $253.22.

SK hynix Stock Performance

The stock’s fifty day simple moving average is $170.55. 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 firm has a market cap of $1.25 trillion and a P/E ratio of 13.51.

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The business had revenue of $51.19 billion for the quarter. As a group, analysts expect that SK hynix Inc. will post 25.69 EPS for the current year.

SK hynix Company Profile

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

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.