SK Telecom (NYSE:SKM) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• SK Telecom shares crossed above their 200-day moving average, reaching $35.87 compared with the $35.34 average, before trading at $35.4670 on volume of nearly 994,000 shares.
• Analyst sentiment remains mixed: JPMorgan and Wall Street Zen upgraded the stock, while Zacks Research downgraded it. MarketBeat data shows a consensus rating of “Reduce”, with one Buy, three Holds, and three Sells.
• SK Telecom beat quarterly EPS expectations, reporting $0.81 versus the $0.59 consensus, although revenue of $2.81 billion fell short of estimates. Several institutional investors also recently initiated or increased positions in the company.

SK Telecom Co., Ltd. (NYSE:SKM - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $35.34 and traded as high as $35.87. SK Telecom shares last traded at $35.4670, with a volume of 993,797 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on SKM shares. JPMorgan Chase & Co. raised shares of SK Telecom from a "neutral" rating to an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of SK Telecom from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 13th. Zacks Research downgraded shares of SK Telecom from a "strong-buy" rating to a "strong sell" rating in a research note on Thursday, August 27th. Finally, Wall Street Zen raised SK Telecom from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce".

SK Telecom Trading Down 2.3%

The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 28.37 and a beta of 0.67. The business's 50 day moving average price is $36.24 and its 200-day moving average price is $35.34. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.25 and a quick ratio of 1.22.

SK Telecom (NYSE:SKM - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The Wireless communications provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.22. SK Telecom had a net margin of 4.23% and a return on equity of 5.30%. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.96 billion. Equities analysts forecast that SK Telecom Co., Ltd. will post 2.21 EPS for the current fiscal year.

Institutional Trading of SK Telecom

Several hedge funds have recently modified their holdings of SKM. Calamos Advisors LLC purchased a new position in shares of SK Telecom in the 1st quarter valued at about $9,065,000. ABN Amro Investment Solutions boosted its holdings in SK Telecom by 136.8% during the first quarter. ABN Amro Investment Solutions now owns 568,343 shares of the Wireless communications provider's stock worth $16,647,000 after buying an additional 328,300 shares in the last quarter. Calamos Wealth Management LLC purchased a new stake in SK Telecom during the first quarter worth about $3,511,000. WINTON GROUP Ltd acquired a new position in SK Telecom during the second quarter worth about $965,000. Finally, Euro Pacific Asset Management LLC grew its position in SK Telecom by 80.6% during the first quarter. Euro Pacific Asset Management LLC now owns 223,557 shares of the Wireless communications provider's stock worth $6,513,000 after buying an additional 99,741 shares during the period.

About SK Telecom

SK Telecom Co, Ltd. is a South Korean telecommunications company that provides mobile communications, broadband internet, and media services. Its offerings include wireless voice and data plans, 5G connectivity, fixed-line broadband, internet protocol television, and related digital services for consumers and businesses.

The company also develops enterprise technology solutions in areas such as artificial intelligence, cloud computing, data centers, cybersecurity, and connected devices.

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