SK hynix (NASDAQ:SKHY) Stock Price Down 3.2% - Time to Sell?

Key Points

• SK hynix shares fell 3.2% to $137.71, with trading volume 45% below its average.
• Analysts maintain a consensus Buy rating and a $247.80 average price target; ratings include four Strong Buys, ten Buys, and two Holds.
• Quarterly results were mixed: earnings per share of $3.84 missed estimates of $5.96, while revenue of $73.86 billion exceeded the $66.41 billion consensus.

Shares of SK hynix Inc. (NASDAQ:SKHY - Get Free Report) fell 3.2% during mid-day trading on Thursday. The stock traded as low as $134.04 and last traded at $137.71. 14,578,629 shares traded hands during trading, a decline of 45% from the average session volume of 26,395,074 shares. The stock had previously closed at $142.25.

Analysts Set New Price Targets

Several research firms have weighed in on SKHY. Zacks Research raised SK hynix to a "hold" rating in a report on Friday, July 24th. Stifel Nicolaus began coverage on SK hynix in a research note on Tuesday, August 4th. They set a "buy" rating and a $240.00 price target for the company. UBS Group initiated coverage on shares of SK hynix in a research report on Wednesday, July 29th. They issued a "buy" rating and a $204.00 price objective on the stock. Wolfe Research reissued an "outperform" rating on shares of SK hynix in a research note on Wednesday, October 28th. Finally, Weiss Ratings began coverage on shares of SK hynix in a report on Friday, October 2nd. They set a "hold (c)" rating for the company. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, SK hynix presently has a consensus rating of "Buy" and a consensus price target of $247.80.

SK hynix Stock Down 3.2%

The company has a market capitalization of $1.01 trillion and a price-to-earnings ratio of 8.36. The company's 50 day simple moving average is $165.19. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06.

SK hynix (NASDAQ:SKHY - Get Free Report) last announced its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share 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. Research analysts predict that SK hynix Inc. will post 25.24 earnings per share for the current year.

Hedge Funds Weigh In On SK hynix

Institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. acquired a new position in SK hynix in the 3rd quarter valued at $226,201,000. Voya Investment Management LLC acquired a new stake in shares of SK hynix during the third quarter worth $164,226,000. Pictet Asset Management Holding SA purchased a new stake in shares of SK hynix in the third quarter valued at $69,830,000. Cullen Capital Management LLC purchased a new stake in shares of SK hynix in the third quarter valued at $63,052,000. Finally, Aberdeen Group plc acquired a new position in SK hynix in the third quarter valued at $54,030,000.

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.