SK hynix (NASDAQ:SKHY) Shares Down 3.5% – Should You Sell?

SK hynix Inc. (NASDAQ:SKHY) fell 3.5% on Tuesday. The company traded as low as $127.38 and last traded at $129.66. 15,419,080 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 26,567,771 shares. The stock had previously closed at $134.38.

Analyst Ratings Changes

A number of brokerages have issued reports on SKHY. Citigroup upgraded SK hynix to a “strong-buy” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 price objective on shares of SK hynix in a research report on Wednesday, October 28th. Wolfe Research reaffirmed an “outperform” rating on shares of SK hynix in a research note on Wednesday, October 28th. JPMorgan Chase & Co. started coverage on SK hynix in a research report on Thursday, September 10th. They set an “overweight” rating and a $245.00 target price on the stock. Finally, Barclays decreased their target price on SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $247.80.

SK hynix Price Performance

The firm has a fifty day simple moving average of $165.19. The firm has a market capitalization of $1.01 trillion and a price-to-earnings ratio of 8.36. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59.

SK hynix (NASDAQ:SKHY) last released its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share for the quarter, missing analysts’ consensus estimates of $5.96 by ($2.12). The business had revenue of $73.86 billion for the quarter, compared to analyst estimates of $66.41 billion. On average, sell-side analysts anticipate that SK hynix Inc. will post 25.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SK hynix

A number of institutional investors have recently added to or reduced their stakes in SKHY. Ramsey Quantitative Systems purchased a new position in shares of SK hynix during the 3rd quarter worth $30,000. Richardson Financial Services Inc. purchased a new stake in shares of SK hynix in the 3rd quarter valued at approximately $50,000. Covestor Ltd purchased a new stake in shares of SK hynix during the 3rd quarter valued at approximately $60,000. Morse Asset Management Inc purchased a new stake in shares of SK hynix during the 3rd quarter valued at approximately $74,000. Finally, Silver Grove Financial Group Inc. purchased a new stake in shares of SK hynix during the 3rd quarter valued at approximately $80,000.

SK hynix Company Profile

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors. The company’s memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.