SK hynix (NASDAQ:SKHY) Stock Falls 5% – Should You Sell?

Shares of SK hynix Inc. (NASDAQ:SKHY) dropped 5% during mid-day trading on Monday. The stock traded as low as $179.31 and last traded at $181.92. 15,018,525 shares traded hands during trading, a decline of 48% from the average daily volume of 28,996,363 shares. The stock had previously closed at $191.56.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group began coverage on SK hynix in a research report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target on the stock. Citigroup raised shares of SK hynix to a “strong-buy” rating in a research note on Wednesday, September 2nd. Needham & Company LLC lifted their target price on shares of SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, August 24th. JPMorgan Chase & Co. began coverage on SK hynix in a report on Thursday, September 10th. They set an “overweight” rating and a $245.00 price target for the company. Finally, Wall Street Zen raised SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $253.22.

SK hynix Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The stock’s 50 day simple moving average is $165.33. The firm has a market cap of $1.36 trillion and a price-to-earnings ratio of 14.78.

SK hynix (NASDAQ:SKHY) last posted its 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 for the quarter. As a group, analysts forecast that SK hynix Inc. will post 25.69 EPS for the current fiscal year.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products for data centers, personal computers, mobile devices, automotive systems and other technology applications. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.