SK hynix (NASDAQ:SKHY) Shares Gap Down – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $163.41, but opened at $157.37. SK hynix shares last traded at $153.63, with a volume of 4,965,566 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price target on the stock. Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. Stifel Nicolaus began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price objective for the company. Finally, Singular Research upgraded shares of SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $245.50.

SK hynix Trading Down 4.8%

SK hynix (NASDAQ:SKHY) last posted its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The firm had revenue of $51.19 billion during the quarter. On average, equities research analysts forecast that SK hynix Inc. will post 25.48 earnings per share for the current fiscal 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.