SK hynix (NASDAQ:SKHY) Stock Price Down 5.1% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s share price fell 5.1% on Wednesday. The company traded as low as $141.18 and last traded at $143.07. Approximately 20,578,966 shares traded hands during trading, a decline of 22% from the average daily volume of 26,388,434 shares. The stock had previously closed at $150.79.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set a “buy” rating and a $240.00 price target for the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 price objective on shares of SK hynix in a research note on Wednesday, October 28th. Weiss Ratings began coverage on SK hynix in a report on Friday, October 2nd. They set a “hold (c)” rating for the company. Zacks Research raised SK hynix to a “hold” rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded 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, ten have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $247.80.

SK hynix Stock Performance

The firm has a market cap of $1.05 trillion and a price-to-earnings ratio of 11.33. The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average is $168.49.

SK hynix (NASDAQ:SKHY) last posted its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.96 by ($2.12). The business had revenue of $73.86 billion during the quarter, compared to analysts’ expectations of $66.41 billion. As a group, equities research analysts predict that SK hynix Inc. will post 25.24 EPS for the current year.

Institutional Trading of SK hynix

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Yarbrough Capital LLC bought a new position in SK hynix in the 3rd quarter worth about $5,934,000. Prime Capital Investment Advisors LLC bought a new stake in shares of SK hynix during the third quarter valued at about $6,777,000. Capstone Capital Management Ltd bought a new stake in shares of SK hynix during the third quarter valued at about $1,473,000. Lancaster Investment Management bought a new stake in shares of SK hynix during the third quarter valued at about $34,103,000. Finally, DUTCH ASSET Corp purchased a new stake in shares of SK hynix in the third quarter worth about $2,066,000.

About SK hynix

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.