SK hynix (NASDAQ:SKHY) Stock Falls 1% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY) fell 1% during mid-day trading on Monday. The company traded as low as $146.29 and last traded at $147.71. Approximately 20,944,344 shares changed hands during trading, a decline of 21% from the average session volume of 26,633,469 shares. The stock had previously closed at $149.21.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Stifel Nicolaus started coverage on SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price objective on the stock. Needham & Company LLC raised their price target 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. Wells Fargo & Company restated a “buy” rating on shares of SK hynix in a research note on Wednesday, October 28th. UBS Group began coverage on shares of SK hynix in a report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target on the stock. Finally, Rosenblatt Securities increased their price objective on shares of SK hynix from $320.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Four research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $247.80.

SK hynix Stock Performance

The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.08 trillion and a price-to-earnings ratio of 11.70. The company’s fifty day moving average is $168.89.

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings data on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share (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. As a group, research analysts anticipate that SK hynix Inc. will post 25.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Quadcap Wealth Management LLC bought a new position in SK hynix during the 3rd quarter worth $323,000. Commonwealth Equity Services LLC acquired a new position in shares of SK hynix during the third quarter valued at $6,708,000. Kestra Private Wealth Services LLC acquired a new position in shares of SK hynix during the third quarter valued at $1,065,000. Covestor Ltd bought a new position in shares of SK hynix during the third quarter worth about $60,000. Finally, Richardson Financial Services Inc. bought a new position in shares of SK hynix during the third quarter worth about $50,000.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.