379,203 Shares in SK hynix Inc. $SKHY Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA acquired 379,203 SK hynix shares in the third quarter, valued at about $69.8 million; several other institutional investors also opened new positions.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $247.80 average price target, though recent targets vary widely.
• SK hynix reported quarterly EPS of $3.84, below the $5.96 consensus, while revenue of $73.86 billion exceeded expectations of $66.41 billion.

Pictet Asset Management Holding SA acquired a new position in shares of SK hynix Inc. (NASDAQ:SKHY - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 379,203 shares of the memory chip maker's stock, valued at approximately $69,830,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ramsey Quantitative Systems purchased a new position in SK hynix in the 3rd quarter valued at approximately $30,000. Richardson Financial Services Inc. acquired a new position in shares of SK hynix during the third quarter worth about $50,000. Covestor Ltd purchased a new stake in shares of SK hynix during the third quarter worth approximately $60,000. Financial Management Professionals Inc. purchased a new stake in shares of SK hynix during the third quarter worth approximately $129,000. Finally, Albion Financial Group UT acquired a new stake in SK hynix in the third quarter valued at approximately $184,000.

Analysts Set New Price Targets

Several research analysts have commented on SKHY shares. Rosenblatt Securities boosted their price target on shares of SK hynix from $320.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, October 28th. Wolfe Research restated an "outperform" rating on shares of SK hynix in a report on Wednesday, October 28th. Barclays decreased their price objective 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. Cantor Fitzgerald lowered their target price on shares of SK hynix from $300.00 to $250.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. Finally, Weiss Ratings began coverage on shares of SK hynix in a research note on Friday, October 2nd. They set a "hold (c)" rating for the company. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $247.80.

SK hynix Stock Up 5.5%

Shares of SK hynix stock opened at $134.38 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.59 and a quick ratio of 2.29. SK hynix Inc. has a 52 week low of $122.20 and a 52 week high of $199.87. The company has a 50 day moving average of $166.26. The stock has a market capitalization of $981.64 billion and a price-to-earnings ratio of 10.64.

SK hynix (NASDAQ:SKHY - Get Free Report) last posted its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 EPS for the quarter, missing analysts' consensus estimates of $5.96 by ($2.12). The company had revenue of $73.86 billion for the quarter, compared to analysts' expectations of $66.41 billion. As a group, research analysts expect that SK hynix Inc. will post 25.24 earnings per share for the current fiscal year.

About SK hynix

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors.

The company's memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.