SK hynix (NASDAQ:SKHY) Trading 8.1% Higher – Still a Buy?

SK hynix Inc. (NASDAQ:SKHY) shot up 8.1% during mid-day trading on Friday . The company traded as high as $177.70 and last traded at $177.00. 20,512,645 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 31,892,531 shares. The stock had previously closed at $163.68.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKHY. Rosenblatt Securities initiated coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $320.00 price objective for the company. Citigroup upgraded shares of SK hynix to a “strong-buy” rating in a report on Wednesday. Wall Street Zen upgraded SK hynix to a “strong-buy” rating in a report on Saturday, July 18th. Singular Research raised SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Finally, UBS Group initiated coverage on SK hynix in a research report on Wednesday, July 29th. They set a “buy” rating and a $204.00 target price on the stock. Four investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $248.00.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The company had revenue of $51.19 billion for the quarter. As a group, equities analysts anticipate that SK hynix Inc. will post 25.48 earnings per share 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.