SK hynix (NASDAQ:SKHY) Stock Price Up 2.2% – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY) shares shot up 2.2% during mid-day trading on Monday . The stock traded as high as $165.07 and last traded at $164.58. 12,045,646 shares were traded during trading, a decline of 64% from the average daily volume of 33,794,465 shares. The stock had previously closed at $161.04.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. 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 objective for the company. Wedbush upgraded SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Zacks Research upgraded SK hynix to a “hold” rating in a report on Friday, July 24th. Needham & Company LLC boosted their target price on SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Finally, Singular Research upgraded SK hynix to a “strong-buy” rating in a research report on Friday, July 10th. Three research 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The company had revenue of $51.19 billion during the quarter. Equities research analysts predict that SK hynix Inc. will post 25.48 EPS 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.