SK Telecom (NYSE:SKM) Shares Gap Down – Time to Sell?

SK Telecom Co., Ltd. (NYSE:SKM) gapped down before the market opened on Monday . The stock had previously closed at $36.21, but opened at $34.45. SK Telecom shares last traded at $34.40, with a volume of 1,753,295 shares traded.

Analysts Set New Price Targets

Several analysts have recently commented on the company. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a report on Thursday, May 7th. Wall Street Zen downgraded SK Telecom from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings lowered shares of SK Telecom from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. Finally, Zacks Research raised shares of SK Telecom from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 26th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce”.

SK Telecom Stock Performance

The firm has a fifty day moving average of $38.15 and a 200-day moving average of $30.23. The company has a quick ratio of 1.15, a current ratio of 1.18 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $13.22 billion, a price-to-earnings ratio of 57.40, a PEG ratio of 0.22 and a beta of 0.60.

SK Telecom (NYSE:SKM) last posted its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.98 billion. SK Telecom had a return on equity of 2.78% and a net margin of 2.03%. As a group, sell-side analysts anticipate that SK Telecom Co., Ltd. will post 2.76 EPS for the current year.

Hedge Funds Weigh In On SK Telecom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of SK Telecom by 8.2% in the first quarter. Royal Bank of Canada now owns 43,999 shares of the Wireless communications provider’s stock valued at $936,000 after purchasing an additional 3,316 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in SK Telecom in the 1st quarter valued at approximately $85,000. Millennium Management LLC grew its holdings in SK Telecom by 160.7% during the 1st quarter. Millennium Management LLC now owns 226,848 shares of the Wireless communications provider’s stock valued at $4,823,000 after buying an additional 139,829 shares during the last quarter. Goldman Sachs Group Inc. increased its position in SK Telecom by 46.9% during the first quarter. Goldman Sachs Group Inc. now owns 260,140 shares of the Wireless communications provider’s stock worth $5,531,000 after buying an additional 83,030 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of SK Telecom by 10.8% in the second quarter. EverSource Wealth Advisors LLC now owns 5,732 shares of the Wireless communications provider’s stock worth $134,000 after acquiring an additional 560 shares during the last quarter.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.