SK hynix (NASDAQ:SKHY) Hits New 1-Year Low - Here's Why

Key Points

• SK hynix fell to a new 52-week low, trading as low as $124.35 versus its prior close of $143.07.
• Quarterly EPS was $3.84, below the $5.96 consensus, while revenue of $73.86 billion topped analyst estimates of $66.41 billion.
• Despite the share-price decline, analysts maintain a consensus Buy rating and an average price target of $247.80.

SK hynix Inc. (NASDAQ:SKHY - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $124.35 and last traded at $124.2390, with a volume of 18,965,141 shares changing hands. The stock had previously closed at $143.07.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SKHY shares. Wall Street Zen raised SK hynix to a "strong-buy" rating in a research report on Saturday, July 18th. Wedbush raised SK hynix to a "strong-buy" rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. started coverage on SK hynix in a research note on Thursday, September 10th. They set an "overweight" rating and a $245.00 target price for the company. UBS Group initiated coverage on SK hynix in a report on Wednesday, July 29th. They set a "buy" rating and a $204.00 target price on the stock. Finally, Needham & Company LLC increased their price target on SK hynix from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, October 28th. Four research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $247.80.

SK hynix Stock Down 10.0%

The company has a fifty day moving average of $168.16. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The stock has a market cap of $940.93 billion and a P/E ratio of 10.20.

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

Hedge Funds Weigh In On SK hynix

A number of hedge funds have recently bought and sold shares of SKHY. Ramsey Quantitative Systems bought a new position in SK hynix in the 3rd quarter valued at about $30,000. Richardson Financial Services Inc. bought a new stake in shares of SK hynix during the 3rd quarter worth approximately $50,000. Covestor Ltd bought a new stake in shares of SK hynix during the 3rd quarter worth approximately $60,000. Silver Grove Financial Group Inc. acquired a new stake in shares of SK hynix during the 3rd quarter worth approximately $80,000. Finally, Entrust Financial LLC acquired a new stake in shares of SK hynix during the 3rd quarter worth approximately $119,000.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.

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