SK Telecom (NYSE:SKM) Shares Gap Up - Here's What Happened

Key Points

• SK Telecom shares gapped up ahead of Wednesday’s session, opening at $34.18 after closing at $31.95 the day before. The stock last traded around $34.38 on volume of about 390,241 shares.
• Analyst sentiment has been mixed, with recent rating changes including upgrades from JPMorgan Chase and Wall Street Zen, but also downgrades from Zacks Research and Weiss Ratings. Overall, MarketBeat data shows a consensus rating of “Reduce”.
• The company’s latest quarterly results beat profit expectations, posting $0.57 EPS versus the $0.47 consensus estimate. Revenue came in at $2.92 billion, slightly below analyst expectations of $2.98 billion.

Shares of SK Telecom Co., Ltd. (NYSE:SKM - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $31.95, but opened at $34.18. SK Telecom shares last traded at $34.3830, with a volume of 390,241 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Zacks Research raised SK Telecom from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 26th. Weiss Ratings lowered shares of SK Telecom from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. upgraded shares of SK Telecom from a "neutral" rating to an "overweight" rating in a research note on Thursday, July 16th. HSBC upgraded shares of SK Telecom from a "reduce" rating to a "hold" rating in a research note on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of SK Telecom from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce".

SK Telecom Price Performance

The stock has a market cap of $12.97 billion, a price-to-earnings ratio of 56.81, a price-to-earnings-growth ratio of 0.19 and a beta of 0.63. The stock has a fifty day simple moving average of $35.87 and a 200-day simple moving average of $32.09. The company has a current ratio of 1.18, a quick ratio of 1.15 and a debt-to-equity ratio of 0.57.

SK Telecom (NYSE:SKM - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. SK Telecom had a return on equity of 2.78% and a net margin of 2.03%.The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.98 billion. As a group, equities research analysts expect that SK Telecom Co., Ltd. will post 2.76 EPS for the current year.

Hedge Funds Weigh In On SK Telecom

Several large investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC acquired a new stake in SK Telecom in the 4th quarter worth $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of SK Telecom in the fourth quarter valued at about $30,000. Allworth Financial LP lifted its stake in shares of SK Telecom by 138.2% in the third quarter. Allworth Financial LP now owns 1,701 shares of the Wireless communications provider's stock valued at $37,000 after buying an additional 987 shares during the period. Wexford Capital LP acquired a new stake in SK Telecom during the third quarter worth about $39,000. Finally, Matthews International Capital Management LLC grew its position in SK Telecom by 50.4% during the fourth quarter. Matthews International Capital Management LLC now owns 2,491 shares of the Wireless communications provider's stock worth $51,000 after buying an additional 835 shares in the last quarter.

About SK Telecom

SK Telecom Co, Ltd. NYSE: SKM is South Korea's largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.

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.