SK hynix (NASDAQ:SKHY) Stock Falls 1.4% - What's Next?

Key Points

• SK hynix shares fell 1.4% to $184.15, with trading volume about 63% below the stock’s average daily volume.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $253.22; recent targets range from $220 to $300.
• The company 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.

Shares of SK hynix Inc. (NASDAQ:SKHY - Get Free Report) were down 1.4% during trading on Wednesday. The company traded as low as $183.90 and last traded at $184.15. Approximately 10,451,767 shares traded hands during trading, a decline of 63% from the average daily volume of 28,454,746 shares. The stock had previously closed at $186.68.

Wall Street Analysts Forecast Growth

SKHY has been the subject of a number of research analyst reports. Zacks Research raised SK hynix to a "hold" rating in a research note on Friday, July 24th. Needham & Company LLC upped their price objective on SK hynix from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Monday, August 24th. Wall Street Zen upgraded SK hynix to a "strong-buy" rating in a research report on Saturday, July 18th. Barclays cut their price target on shares of SK hynix from $330.00 to $300.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Finally, Stifel Nicolaus initiated coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a "buy" rating and a $240.00 price target on the stock. Four 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $253.22.

SK hynix Stock Performance

The stock has a market cap of $1.35 trillion and a price-to-earnings ratio of 14.58. The company has a fifty day simple moving average of $165.33. The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06.

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

About SK hynix

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

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.

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