SK Telecom (NYSE:SKM) Shares Gap Up – Here’s What Happened

SK Telecom Co., Ltd. (NYSE:SKM)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $20.99, but opened at $23.10. SK Telecom shares last traded at $23.1230, with a volume of 245,991 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Zacks Research upgraded SK Telecom from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Weiss Ratings restated a “hold (c)” rating on shares of SK Telecom in a report on Monday, December 29th. Daiwa Capital Markets lowered shares of SK Telecom to a “hold” rating in a research note on Wednesday, January 14th. Finally, Wall Street Zen cut shares of SK Telecom from a “hold” rating to a “sell” rating in a research report on Saturday, January 17th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

SK Telecom Stock Performance

The firm’s fifty day moving average is $20.48 and its 200 day moving average is $21.27. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 35.33, a PEG ratio of 7.03 and a beta of 0.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 1.03.

SK Telecom (NYSE:SKM) last released its earnings results on Friday, December 12th. The Wireless communications provider reported ($0.29) earnings per share (EPS) for the quarter. SK Telecom had a return on equity of 5.30% and a net margin of 3.60%. On average, analysts predict that SK Telecom Co., Ltd. will post 2.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SKM. Royal Bank of Canada raised its stake in shares of SK Telecom by 8.2% during the 1st quarter. Royal Bank of Canada now owns 43,999 shares of the Wireless communications provider’s stock worth $936,000 after purchasing an additional 3,316 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of SK Telecom in the 1st quarter valued at approximately $85,000. Millennium Management LLC increased its holdings in SK Telecom by 160.7% in the first quarter. Millennium Management LLC now owns 226,848 shares of the Wireless communications provider’s stock worth $4,823,000 after buying an additional 139,829 shares during the last quarter. Goldman Sachs Group Inc. raised its position in SK Telecom by 46.9% during the first quarter. Goldman Sachs Group Inc. now owns 260,140 shares of the Wireless communications provider’s stock valued at $5,531,000 after acquiring an additional 83,030 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new position in SK Telecom during the second quarter valued at approximately $313,000.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.