SK hynix (NASDAQ:SKHY) Stock Price Down 5.1% - Should You Sell?

Key Points

• SK hynix shares fell 5.1% to $143.07, with trading volume 22% below the average session volume.
• Quarterly results were mixed: earnings per share of $3.84 missed the $5.96 consensus, while revenue of $73.86 billion exceeded the $66.41 billion estimate.
• Analysts remain broadly positive, with a consensus Buy rating and an average price target of $247.80; recent individual targets ranged from $204 to $400.

Shares of SK hynix Inc. (NASDAQ:SKHY - Get Free Report) traded down 5.1% on Wednesday. The company traded as low as $141.18 and last traded at $143.07. Approximately 20,578,966 shares traded hands during trading, a decline of 22% from the average session volume of 26,388,434 shares. The stock had previously closed at $150.79.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wall Street Zen raised SK hynix to a "strong-buy" rating in a research note on Saturday, July 18th. Cantor Fitzgerald lowered 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. Rosenblatt Securities increased their target price on SK hynix from $320.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, October 28th. Wells Fargo & Company reissued a "buy" rating on shares of SK hynix in a research report on Wednesday, October 28th. Finally, 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 target for the company. Four research 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 company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $247.80.

SK hynix Trading Down 5.1%

The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06. The business has a fifty day moving average of $168.49. The company has a market capitalization of $1.05 trillion and a PE ratio of 11.33.

SK hynix (NASDAQ:SKHY - Get Free Report) last posted its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share for the quarter, missing analysts' consensus estimates of $5.96 by ($2.12). The firm had revenue of $73.86 billion during the quarter, compared to the consensus estimate of $66.41 billion. As a group, research analysts forecast that SK hynix Inc. will post 25.24 earnings per share for the current year.

Hedge Funds Weigh In On SK hynix

A number of hedge funds have recently bought and sold shares of SKHY. Pictet Asset Management Holding SA bought a new stake in shares of SK hynix during the 3rd quarter worth $69,830,000. Brooklands Fund Management Ltd purchased a new position in shares of SK hynix in the 3rd quarter worth about $46,145,000. Lancaster Investment Management bought a new position in SK hynix during the third quarter valued at about $34,103,000. Asset Management One Co. Ltd. bought a new position in SK hynix during the third quarter valued at about $21,554,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in SK hynix during the third quarter worth about $18,543,000.

About SK hynix

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.

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