SK Telecom (NYSE:SKM) Shares Gap Up – Here’s Why

SK Telecom Co., Ltd. (NYSE:SKM) shares gapped up before the market opened on Wednesday. The stock had previously closed at $31.47, but opened at $32.60. SK Telecom shares last traded at $31.69, with a volume of 193,629 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. Zacks Research upgraded SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Weiss Ratings raised SK Telecom from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. raised SK Telecom from a “neutral” rating to an “overweight” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SK Telecom has a consensus rating of “Reduce”.

SK Telecom Trading Down 2.1%

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.25 and a quick ratio of 1.22. The firm has a market cap of $11.95 billion, a price-to-earnings ratio of 25.46 and a beta of 0.72. The firm’s fifty day moving average is $35.61 and its 200-day moving average is $33.67.

SK Telecom (NYSE:SKM) last issued its quarterly earnings results on Thursday, August 6th. The Wireless communications provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.22. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.96 billion. SK Telecom had a return on equity of 5.30% and a net margin of 4.23%. Equities analysts anticipate that SK Telecom Co., Ltd. will post 2.21 earnings per share for the current year.

Institutional Investors Weigh In On SK Telecom

Large investors have recently added to or reduced their stakes in the business. Trek Financial LLC bought a new stake in SK Telecom in the third quarter valued at $270,000. Vise Technologies Inc. raised its holdings in shares of SK Telecom by 11.5% during the third quarter. Vise Technologies Inc. now owns 36,868 shares of the Wireless communications provider’s stock valued at $1,287,000 after purchasing an additional 3,789 shares during the period. Americana Partners LLC raised its holdings in shares of SK Telecom by 18.6% during the third quarter. Americana Partners LLC now owns 22,247 shares of the Wireless communications provider’s stock valued at $777,000 after purchasing an additional 3,490 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of SK Telecom by 14.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,923,202 shares of the Wireless communications provider’s stock worth $102,049,000 after purchasing an additional 366,561 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of SK Telecom during the 3rd quarter worth about $2,181,000.

About SK Telecom

SK Telecom Co, Ltd. is a South Korean telecommunications company that provides mobile communications and information technology services. The company offers wireless voice and data services, mobile connectivity, internet access, and related digital products to consumers and businesses.

Through its broadband and media operations, SK Telecom provides fixed-line internet, internet protocol television, and video and entertainment services. It also serves corporate and institutional customers with enterprise telecommunications, cloud, data center, cybersecurity, and other technology solutions.

SK Telecom is headquartered in South Korea and primarily serves the South Korean market, while also pursuing international opportunities through technology partnerships and investments.