SK hynix (NASDAQ:SKHY) Shares Climb 9.7% - Still a Buy?

Key Points

• SK hynix shares rose 9.7% to $142.25, with trading volume 24% below the average.
• Analyst sentiment is broadly positive: the consensus rating is Buy, with a $247.80 average price target; 14 analysts rate the stock Buy or Strong Buy, while two rate it Hold.
• Quarterly results were mixed: EPS of $3.84 missed the $5.96 consensus estimate, while revenue of $73.86 billion exceeded expectations of $66.41 billion.

Shares of SK hynix Inc. (NASDAQ:SKHY - Get Free Report) rose 9.7% on Wednesday. The company traded as high as $145.79 and last traded at $142.25. 20,132,588 shares were traded during trading, a decline of 24% from the average daily volume of 26,522,074 shares. The stock had previously closed at $129.66.

Analysts Set New Price Targets

Several research firms have issued reports on SKHY. UBS Group began coverage on shares of SK hynix in a research note on Wednesday, July 29th. They set a "buy" rating and a $204.00 price objective for the company. Weiss Ratings started coverage on shares of SK hynix in a report on Friday, October 2nd. They set a "hold (c)" rating on the stock. Stifel Nicolaus initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They set a "buy" rating and a $240.00 target price on the stock. Citigroup raised shares of SK hynix to a "strong-buy" rating in a research report on Wednesday, September 2nd. 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 report on Wednesday, October 28th. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $247.80.

SK hynix Stock Up 9.7%

The stock has a market cap of $1.04 trillion and a price-to-earnings ratio of 11.26. The company's 50 day simple moving average is $165.56. 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 (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 for the quarter, compared to analysts' expectations of $66.41 billion. On average, sell-side analysts anticipate that SK hynix Inc. will post 25.24 earnings per share for the current fiscal year.

Institutional Trading of SK hynix

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ramsey Quantitative Systems purchased a new position in SK hynix in the third quarter valued at about $30,000. Richardson Financial Services Inc. purchased a new stake in SK hynix during the 3rd quarter worth approximately $50,000. Covestor Ltd purchased a new stake in SK hynix during the 3rd quarter worth approximately $60,000. Morse Asset Management Inc acquired a new position in shares of SK hynix in the 3rd quarter valued at approximately $74,000. Finally, Silver Grove Financial Group Inc. acquired a new position in shares of SK hynix in the 3rd quarter valued at approximately $80,000.

SK hynix Company Profile

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.

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