SK hynix (NASDAQ:SKHY) Stock Price Up 3% – Should You Buy?

Shares of SK hynix Inc. (NASDAQ:SKHY) were up 3% during trading on Monday . The stock traded as high as $178.43 and last traded at $171.38. Approximately 23,821,123 shares were traded during trading, a decline of 41% from the average daily volume of 40,281,172 shares. The stock had previously closed at $166.33.

Wall Street Analyst Weigh In

SKHY has been the subject of a number of analyst reports. Barclays reduced their target price on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Cantor Fitzgerald began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “overweight” rating and a $300.00 target price on the stock. Singular Research upgraded SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. UBS Group began coverage on SK hynix in a research report on Wednesday, July 29th. They set a “buy” rating and a $204.00 target price for the company. Finally, Rosenblatt Securities assumed coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SK hynix presently has a consensus rating of “Buy” and a consensus target price of $245.50.

SK hynix Stock Up 3.0%

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings data on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, beating analysts’ consensus estimates of $5.12 by $3.64. The company had revenue of $52.83 billion for the quarter, compared to analyst estimates of $59.05 billion. As a group, equities research analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current fiscal year.

About SK hynix

SK hynix Inc is a South Korea-based semiconductor company that develops, manufactures, and sells memory products used in a wide range of electronic devices and computing systems. Its portfolio includes DRAM, NAND flash, and other memory solutions that support applications such as servers, PCs, mobile devices, and consumer electronics.

The company serves customers globally through the semiconductor supply chain and is recognized as one of the major memory chip producers in the industry.