Weiss Ratings Reaffirms Hold (C+) Rating for SK Telecom (NYSE:SKM)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for SK Telecom (NYSE:SKM), indicating a cautious approach towards the stock as of their recent report on Friday.
• Goldman Sachs has downgraded SK Telecom from a "neutral" rating to a "sell," reflecting concerns about the stock's future performance.
• SK Telecom reported earnings of $0.16 per share, significantly missing analyst expectations of $0.36, alongside revenue figures that also fell short of forecasts.

SK Telecom (NYSE:SKM - Get Free Report)'s stock had its "hold (c+)" rating reiterated by equities researchers at Weiss Ratings in a research report issued to clients and investors on Friday,Weiss Ratings reports.

Separately, The Goldman Sachs Group downgraded SK Telecom from a "neutral" rating to a "sell" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, SK Telecom currently has a consensus rating of "Hold".

SK Telecom Stock Down 1.2%

SKM stock opened at $20.81 on Friday. SK Telecom has a fifty-two week low of $19.84 and a fifty-two week high of $24.34. The business's 50-day moving average is $21.68 and its two-hundred day moving average is $21.82. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.01 and a current ratio of 1.03. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 10.93 and a beta of 0.58.

SK Telecom (NYSE:SKM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The Wireless communications provider reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.20). SK Telecom had a net margin of 5.92% and a return on equity of 8.92%. The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.14 billion. As a group, analysts forecast that SK Telecom will post 2.27 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new position in shares of SK Telecom in the second quarter worth about $313,000. Envestnet Asset Management Inc. raised its stake in shares of SK Telecom by 87.1% in the first quarter. Envestnet Asset Management Inc. now owns 157,789 shares of the Wireless communications provider's stock worth $3,355,000 after buying an additional 73,444 shares during the period. Ballentine Partners LLC purchased a new stake in shares of SK Telecom during the second quarter worth about $472,000. LPL Financial LLC grew its position in shares of SK Telecom by 17.3% during the first quarter. LPL Financial LLC now owns 88,665 shares of the Wireless communications provider's stock worth $1,885,000 after purchasing an additional 13,070 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of SK Telecom during the first quarter worth about $302,000.

About SK Telecom

SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. The company operates through three segments: Cellular Services, Fixed-Line Telecommunications Services, and Other Businesses. The Cellular Services segment offers wireless voice and data transmission, Internet of Things solutions, platform, cloud, smart factory solutions, subscription, advertising and curated shopping under T Deal brand name, and metaverse platform-based services, as well as sells wireless devices.

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