SK hynix (NASDAQ:SKHY) Shares Up 2.1% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY)’s share price rose 2.1% on Tuesday. The stock traded as high as $154.05 and last traded at $150.79. Approximately 14,359,779 shares were traded during trading, a decline of 46% from the average daily volume of 26,459,586 shares. The stock had previously closed at $147.71.

Wall Street Analysts Forecast Growth

SKHY has been the subject of several research reports. Wall Street Zen raised SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Rosenblatt Securities raised their target price on SK hynix from $320.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Zacks Research upgraded SK hynix to a “hold” rating in a research report on Friday, July 24th. UBS Group assumed coverage on SK hynix in a research note on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target on the stock. Finally, Singular Research upgraded SK hynix to a “strong-buy” rating in a report on Friday, July 10th. Four research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $247.80.

SK hynix Price Performance

The firm has a market capitalization of $1.10 trillion and a price-to-earnings ratio of 11.94. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average price of $168.58.

SK hynix (NASDAQ:SKHY) last announced 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. As a group, analysts expect that SK hynix Inc. will post 25.28 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SKHY. Pictet Asset Management Holding SA purchased a new stake in SK hynix during the 3rd quarter valued at $69,830,000. Brooklands Fund Management Ltd purchased a new position in shares of SK hynix in the third quarter worth $46,145,000. Lancaster Investment Management purchased a new position in shares of SK hynix in the third quarter worth $34,103,000. Asset Management One Co. Ltd. bought a new position in shares of SK hynix during the third quarter valued at $21,554,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of SK hynix during the third quarter valued at $18,543,000.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.