SK hynix (NASDAQ:SKHY) Hits New 52-Week Low – Here’s What Happened

Shares of SK hynix Inc. (NASDAQ:SKHY) hit a new 52-week low on Thursday. The company traded as low as $124.35 and last traded at $124.2390, with a volume of 18,965,141 shares changing hands. The stock had previously closed at $143.07.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Singular Research raised shares of SK hynix to a “strong-buy” rating in a report on Friday, July 10th. Zacks Research raised shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Wells Fargo & Company reiterated a “buy” rating on shares of SK hynix in a research report on Wednesday, October 28th. Stifel Nicolaus started coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price objective for the company. Finally, Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $247.80.

SK hynix Stock Down 10.0%

The stock has a market capitalization of $940.93 billion and a PE ratio of 10.20. 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 company’s 50 day moving average price is $168.16.

SK hynix (NASDAQ:SKHY) last released 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 firm had revenue of $73.86 billion during the quarter, compared to the consensus estimate of $66.41 billion. Sell-side analysts forecast that SK hynix Inc. will post 25.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SK hynix

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA bought a new position in shares of SK hynix during the third quarter valued at $69,830,000. Brooklands Fund Management Ltd bought a new stake in shares of SK hynix in the third quarter worth $46,145,000. Lancaster Investment Management bought a new stake in shares of SK hynix in the third quarter worth $34,103,000. Asset Management One Co. Ltd. acquired a new stake in SK hynix in the third quarter valued at $21,554,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in SK hynix in the third quarter valued at $18,543,000.

About SK hynix

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.