SK hynix (NASDAQ:SKHY) Shares Gap Down – Here’s Why

Shares of SK hynix Inc. (NASDAQ:SKHY) gapped down before the market opened on Thursday . The stock had previously closed at $164.98, but opened at $160.82. SK hynix shares last traded at $158.3670, with a volume of 3,798,920 shares.

Wall Street Analysts Forecast Growth

SKHY has been the topic of a number of research analyst reports. Singular Research upgraded SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Wolfe Research assumed coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 target price on the stock. Cantor Fitzgerald started coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 price target on the stock. 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, Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a report on Saturday, July 18th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, SK hynix presently has an average rating of “Buy” and an average target price of $248.00.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The business had revenue of $51.19 billion for the quarter. On average, analysts expect that SK hynix Inc. will post 25.48 earnings per share for the current fiscal 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.