SK hynix (NASDAQ:SKHY) Shares Up 4.7% – Should You Buy?

Shares of SK hynix Inc. (NASDAQ:SKHY) traded up 4.7% during mid-day trading on Tuesday . The stock traded as high as $141.87 and last traded at $141.65. 16,810,477 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 42,857,242 shares. The stock had previously closed at $135.29.

Analysts Set New Price Targets

SKHY has been the topic of several research analyst reports. Zacks Research raised SK hynix to a “hold” rating in a research note on Friday, July 24th. Rosenblatt Securities initiated coverage on SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $320.00 target price for the company. UBS Group assumed coverage on SK hynix in a report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target for the company. Royal Bank Of Canada started coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price target on the stock. Finally, Singular Research upgraded SK hynix to a “strong-buy” rating in a report on Friday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $245.50.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings data on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, topping analysts’ consensus estimates of $5.12 by $3.64. The company had revenue of $52.83 billion for the quarter, compared to analyst estimates of $59.05 billion. As a group, analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current year.

SK hynix Company Profile

SK hynix Inc is a South Korea-based semiconductor company that develops, manufactures, and sells memory products used in a wide range of electronic devices and computing systems. Its portfolio includes DRAM, NAND flash, and other memory solutions that support applications such as servers, PCs, mobile devices, and consumer electronics.

The company serves customers globally through the semiconductor supply chain and is recognized as one of the major memory chip producers in the industry.