Pictet Asset Management Holding SA Purchases 379,203 Shares of SK hynix Inc. $SKHY

Pictet Asset Management Holding SA bought a new position in shares of SK hynix Inc. (NASDAQ:SKHY) in the 3rd quarter, Holdings Channel reports. The fund bought 379,203 shares of the memory chip maker’s stock, valued at approximately $69,830,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ramsey Quantitative Systems acquired a new position in SK hynix in the 3rd quarter valued at about $30,000. Richardson Financial Services Inc. acquired a new stake in SK hynix during the 3rd quarter worth approximately $50,000. Covestor Ltd acquired a new stake in SK hynix during the 3rd quarter worth approximately $60,000. Financial Management Professionals Inc. acquired a new stake in SK hynix during the 3rd quarter worth approximately $129,000. Finally, Albion Financial Group UT purchased a new position in shares of SK hynix in the 3rd quarter valued at approximately $184,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Stifel Nicolaus assumed coverage on SK hynix in a research note on Tuesday, August 4th. They set a “buy” rating and a $240.00 price target for the company. Wolfe Research reaffirmed an “outperform” rating on shares of SK hynix in a report on Wednesday, October 28th. Zacks Research upgraded shares of SK hynix to a “hold” rating in a research report on Friday, July 24th. Rosenblatt Securities boosted 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. Finally, William Blair restated an “outperform” rating and set a $154.00 price objective on shares of SK hynix in a research report on Friday, October 30th. Four investment 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. According to data from MarketBeat.com, SK hynix has a consensus rating of “Buy” and an average target price of $247.80.

SK hynix Stock Performance

NASDAQ:SKHY opened at $134.38 on Tuesday. The business has a fifty day simple moving average of $166.26. The stock has a market capitalization of $981.64 billion and a PE ratio of 10.64. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.59 and a quick ratio of 2.29. SK hynix Inc. has a 1 year low of $122.20 and a 1 year high of $199.87.

SK hynix (NASDAQ:SKHY) last issued its 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 business had revenue of $73.86 billion for the quarter, compared to the consensus estimate of $66.41 billion. On average, analysts predict that SK hynix Inc. will post 25.24 EPS for the current year.

SK hynix Profile

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.