SK hynix (NASDAQ:SKHY) Shares Down 3.5% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s share price was down 3.5% on Tuesday. The company traded as low as $127.38 and last traded at $129.66. 15,419,080 shares traded hands during trading, a decline of 42% from the average daily volume of 26,567,771 shares. The stock had previously closed at $134.38.

Analyst Upgrades and Downgrades

SKHY has been the subject of a number of recent research reports. Barclays decreased their target price on SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Wells Fargo & Company restated a “buy” rating on shares of SK hynix in a report on Wednesday, October 28th. Wedbush raised SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Zacks Research raised SK hynix to a “hold” rating in a research report on Friday, July 24th. Finally, Wolfe Research reiterated an “outperform” rating on shares of SK hynix in a research note on Wednesday, October 28th. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $247.80.

SK hynix Stock Performance

The firm’s 50-day moving average is $166.26. The stock has a market capitalization of $947.16 billion and a P/E ratio of 10.27. 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 (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 for the quarter, compared to analyst estimates of $66.41 billion. On average, analysts expect that SK hynix Inc. will post 25.24 earnings per share for the current year.

Institutional Trading of SK hynix

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. purchased a new stake in SK hynix during the 3rd quarter worth about $226,201,000. Voya Investment Management LLC purchased a new position in shares of SK hynix in the 3rd quarter valued at about $164,226,000. Pictet Asset Management Holding SA acquired a new stake in shares of SK hynix during the 3rd quarter worth about $69,830,000. Cullen Capital Management LLC acquired a new stake in shares of SK hynix during the 3rd quarter worth about $63,052,000. Finally, Aberdeen Group plc purchased a new stake in SK hynix during the third quarter worth approximately $54,030,000.

SK hynix Company 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.