SK hynix (NASDAQ:SKHY) Trading Up 7% – Here’s Why

SK hynix Inc. (NASDAQ:SKHY) shares shot up 7% during trading on Wednesday . The stock traded as high as $199.87 and last traded at $198.63. Approximately 29,582,535 shares changed hands during trading, a decline of 6% from the average session volume of 31,636,518 shares. The stock had previously closed at $185.55.

Analysts Set New Price Targets

SKHY has been the topic of a number of research reports. Needham & Company LLC raised their target price on shares of SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Barclays reduced their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Stifel Nicolaus initiated coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price objective on the stock. Royal Bank Of Canada assumed coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price objective on the stock. Finally, Singular Research raised shares of SK hynix to a “strong-buy” rating in a report on Friday, July 10th. Four investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $248.00.

SK hynix Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The stock has a market cap of $1.45 trillion and a PE ratio of 22.67. The business’s 50-day moving average price is $157.76.

SK hynix (NASDAQ:SKHY) last released its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The business had revenue of $51.19 billion for the quarter. Analysts anticipate that SK hynix Inc. will post 25.48 EPS for the current year.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor manufacturer that develops and produces memory products for data centers, artificial intelligence systems, personal computers, mobile devices, automotive applications and other technology markets. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.