SK hynix (NASDAQ:SKHY) Shares Down 4.9% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY)’s stock price fell 4.9% on Monday . The company traded as low as $151.50 and last traded at $155.37. Approximately 16,124,914 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 37,349,707 shares. The stock had previously closed at $163.41.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wolfe Research assumed coverage on SK hynix in a report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price objective on the stock. Zacks Research upgraded shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Singular Research raised shares of SK hynix to a “strong-buy” rating in a research report on Friday, July 10th. Needham & Company LLC boosted their price target on shares of SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday. Finally, Stifel Nicolaus started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price target for the company. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, SK hynix presently has a consensus rating of “Buy” and a consensus price target of $248.00.

SK hynix Stock Performance

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

About SK hynix

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.