SK hynix (NASDAQ:SKHY) Trading Down 9.2% – Time to Sell?

Shares of SK hynix Inc. (NASDAQ:SKHY) were down 9.2% during trading on Tuesday . The stock traded as low as $154.53 and last traded at $155.62. 22,375,204 shares changed hands during trading, a decline of 43% from the average daily volume of 39,564,348 shares. The stock had previously closed at $171.38.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays reduced their target price on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Stifel Nicolaus assumed coverage on SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 target price for the company. Royal Bank Of Canada initiated coverage on SK hynix in a report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price target on the stock. Needham & Company LLC began coverage on SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $200.00 price target for the company. Finally, Wall Street Zen raised shares of SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. 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 stock. According to MarketBeat.com, SK hynix presently has a consensus rating of “Buy” and a consensus price target of $245.50.

SK hynix Stock Down 9.2%

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The firm had revenue of $51.19 billion for the quarter. Equities research analysts expect that SK hynix Inc. will post 25.48 earnings per share for the current 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.