SK hynix (NASDAQ:SKHY) Shares Up 5.5% – Here’s What Happened

Shares of SK hynix Inc. (NASDAQ:SKHY) shot up 5.5% during trading on Monday. The stock traded as high as $135.60 and last traded at $134.38. Approximately 22,430,731 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 26,715,043 shares. The stock had previously closed at $127.34.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Zacks Research upgraded shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Royal Bank Of Canada restated an “outperform” rating and set a $200.00 price target on shares of SK hynix in a research note on Wednesday, October 28th. Cantor Fitzgerald lowered their price target on SK hynix from $300.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Wells Fargo & Company reaffirmed a “buy” rating on shares of SK hynix in a research note on Wednesday, October 28th. Finally, Wolfe Research reiterated an “outperform” rating on shares of SK hynix in a report on Wednesday, October 28th. Four research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, SK hynix currently has a consensus rating of “Buy” and an average target price of $247.80.

SK hynix Price Performance

The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $981.64 billion and a price-to-earnings ratio of 10.64. The company’s 50 day moving average is $166.79.

SK hynix (NASDAQ:SKHY) last released its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Sell-side analysts expect that SK hynix Inc. will post 25.24 earnings per share for the current fiscal year.

Institutional Trading of SK hynix

Several hedge funds have recently modified their holdings of SKHY. Ramsey Quantitative Systems purchased a new position in SK hynix in the third quarter valued at $30,000. Richardson Financial Services Inc. purchased a new stake in SK hynix during the 3rd quarter worth about $50,000. Covestor Ltd acquired a new stake in SK hynix in the 3rd quarter valued at about $60,000. Silver Grove Financial Group Inc. acquired a new stake in SK hynix in the 3rd quarter valued at about $80,000. Finally, Harbour Investments Inc. purchased a new position in shares of SK hynix in the 3rd quarter valued at about $99,000.

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.