SK hynix (NASDAQ:SKHY) Shares Up 3.4% - Here's What Happened

Key Points

• SK hynix shares rose 3.4% to $195.37 in Tuesday trading, reaching as high as $196.48. Trading volume was about 18.4 million shares, 39% below the average daily volume.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $247.67. Four analysts rate the stock Strong Buy, nine rate it Buy, and one assigns a Hold rating.
• SK hynix reported quarterly earnings of $8.48 per share on $51.19 billion in revenue, while analysts expect full-year earnings of $25.69 per share. The company manufactures DRAM, high-bandwidth memory, NAND flash and solid-state drives.

SK hynix Inc. (NASDAQ:SKHY - Get Free Report)'s share price traded up 3.4% during trading on Tuesday . The company traded as high as $196.48 and last traded at $195.37. Approximately 18,427,038 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 30,285,895 shares. The stock had previously closed at $188.86.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Singular Research raised SK hynix to a "strong-buy" rating in a research report on Friday, July 10th. Barclays decreased their target price on SK hynix from $330.00 to $300.00 and set an "overweight" rating for the company in a research report on Thursday, July 30th. Wall Street Zen upgraded SK hynix to a "strong-buy" rating in a report on Saturday, July 18th. William Blair started coverage on SK hynix in a research report on Tuesday, August 4th. They set an "outperform" rating on the stock. Finally, Zacks Research upgraded SK hynix to a "hold" rating in a report on Friday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, SK hynix currently has a consensus rating of "Buy" and an average target price of $247.67.

SK hynix Stock Performance

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 business has a fifty day simple moving average of $162.71. The stock has a market cap of $1.43 trillion and a PE ratio of 15.47.

SK hynix (NASDAQ:SKHY - Get Free Report) last announced its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The business had revenue of $51.19 billion for the quarter. As a group, analysts forecast that SK hynix Inc. will post 25.69 EPS for the current fiscal year.

About SK hynix

SK hynix Inc is a South Korean semiconductor manufacturer that develops and produces memory products for data centers, artificial intelligence systems, personal computers, mobile devices, automotive applications and other technology markets. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.

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