SK hynix (NASDAQ:SKHY) Shares Down 2.3% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY)’s stock price was down 2.3% during mid-day trading on Tuesday . The stock traded as low as $158.52 and last traded at $160.78. Approximately 10,697,375 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 33,216,031 shares. The stock had previously closed at $164.58.

Wall Street Analysts Forecast Growth

SKHY has been the subject of several recent research reports. Zacks Research upgraded shares of SK hynix to a “hold” rating in a research note on Friday, July 24th. Wall Street Zen raised SK hynix to a “strong-buy” rating in a report on Saturday, July 18th. Cantor Fitzgerald initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They set an “overweight” rating and a $300.00 price target for the company. Singular Research raised SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Finally, Stifel Nicolaus initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 target price on the stock. Three 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 company. According to data from MarketBeat.com, SK hynix presently has a consensus rating of “Buy” and an average target price of $248.00.

SK hynix Trading Down 0.3%

SK hynix (NASDAQ:SKHY) last posted its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The firm had revenue of $51.19 billion for the quarter. Analysts anticipate 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.