SK hynix (NASDAQ:SKHY) Shares Gap Up – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY)’s share price gapped up before the market opened on Monday . The stock had previously closed at $166.33, but opened at $172.60. SK hynix shares last traded at $174.8170, with a volume of 7,324,066 shares traded.

Wall Street Analyst Weigh In

SKHY has been the subject of several analyst reports. UBS Group began coverage on SK hynix in a research note on Wednesday, July 29th. They set a “buy” rating and a $204.00 price target for the company. Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Zacks Research upgraded shares of SK hynix to a “hold” rating in a research report on Friday, July 24th. Finally, Rosenblatt Securities started coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $320.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $245.50.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last released its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The business had revenue of $51.19 billion during the quarter. As a group, equities analysts predict that SK hynix Inc. will post 25.48 EPS for the current year.

SK hynix Company Profile

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.