SK hynix (NASDAQ:SKHY) Stock Price Down 3.5% - Here's What Happened

Key Points

• SK hynix shares fell 3.5% to $129.66, with trading volume 42% below its average.
• Analysts remain broadly positive: the stock has a consensus “Buy” rating and an average price target of $247.80, despite Cantor Fitzgerald lowering its target.
• In its latest quarter, SK hynix reported EPS of $3.84, below the $5.96 consensus estimate, while revenue of $73.86 billion exceeded estimates.

SK hynix Inc. (NASDAQ:SKHY - Get Free Report)'s stock price traded down 3.5% on Tuesday. The stock traded as low as $127.38 and last traded at $129.66. 15,419,080 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 26,567,771 shares. The stock had previously closed at $134.38.

Analyst Upgrades and Downgrades

SKHY has been the subject of a number of recent analyst reports. UBS Group started coverage on shares of SK hynix in a report on Wednesday, July 29th. They set a "buy" rating and a $204.00 price target for the company. Wedbush upgraded SK hynix to a "strong-buy" rating in a report on Tuesday, August 4th. Needham & Company LLC increased their price objective on SK hynix from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, October 28th. Wolfe Research reissued an "outperform" rating on shares of SK hynix in a research note on Wednesday, October 28th. Finally, Cantor Fitzgerald reduced their target price on SK hynix from $300.00 to $250.00 and set an "overweight" rating on the stock in a research report on Monday, October 26th. Four investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $247.80.

SK hynix Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The company has a market capitalization of $947.16 billion and a P/E ratio of 10.27. The stock has a 50 day moving average price of $166.26.

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 analysts' consensus estimates of $5.96 by ($2.12). The firm had revenue of $73.86 billion for the quarter, compared to analyst estimates of $66.41 billion. Sell-side analysts expect that SK hynix Inc. will post 25.24 EPS for the current fiscal year.

Hedge Funds Weigh In On SK hynix

Several institutional investors have recently bought and sold shares of SKHY. Bessemer Group Inc. acquired a new stake in shares of SK hynix during the third quarter worth about $226,201,000. Voya Investment Management LLC acquired a new position in shares of SK hynix in the third quarter valued at approximately $164,226,000. Pictet Asset Management Holding SA purchased a new stake in SK hynix during the 3rd quarter worth approximately $69,830,000. Cullen Capital Management LLC purchased a new stake in SK hynix during the 3rd quarter worth approximately $63,052,000. Finally, Aberdeen Group plc purchased a new stake in SK hynix during the 3rd quarter worth approximately $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.

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