SK Telecom (NYSE:SKM) Stock Price Down 6.2% – Here’s What Happened

SK Telecom Co., Ltd. (NYSE:SKM)’s share price traded down 6.2% on Wednesday . The company traded as low as $36.51 and last traded at $36.2360. 1,348,694 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 1,838,905 shares. The stock had previously closed at $38.64.

Analyst Ratings Changes

Several brokerages have commented on SKM. Zacks Research downgraded SK Telecom from a “hold” rating to a “strong sell” rating in a research report on Monday, April 27th. Bank of America downgraded SK Telecom from a “neutral” rating to an “underperform” rating in a research report on Wednesday, February 18th. Weiss Ratings raised SK Telecom from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, March 12th. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

SK Telecom Trading Down 5.1%

The company has a 50 day moving average of $34.85 and a 200 day moving average of $27.83. The company has a current ratio of 1.03, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a market cap of $14.08 billion, a price-to-earnings ratio of 61.18, a price-to-earnings-growth ratio of 0.23 and a beta of 0.61.

SK Telecom (NYSE:SKM) last announced its quarterly earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.98 billion. SK Telecom had a return on equity of 2.84% and a net margin of 2.03%. As a group, research analysts anticipate that SK Telecom Co., Ltd. will post 2.76 EPS for the current year.

Institutional Trading of SK Telecom

Several institutional investors have recently bought and sold shares of the stock. Groupama Asset Managment boosted its stake in SK Telecom by 1.7% in the 4th quarter. Groupama Asset Managment now owns 25,371 shares of the Wireless communications provider’s stock valued at $521,000 after buying an additional 418 shares in the last quarter. Rhumbline Advisers boosted its stake in SK Telecom by 0.7% in the 3rd quarter. Rhumbline Advisers now owns 68,552 shares of the Wireless communications provider’s stock valued at $1,481,000 after buying an additional 500 shares in the last quarter. Vise Technologies Inc. boosted its stake in SK Telecom by 1.9% in the 3rd quarter. Vise Technologies Inc. now owns 27,553 shares of the Wireless communications provider’s stock valued at $595,000 after buying an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in SK Telecom by 10.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,732 shares of the Wireless communications provider’s stock valued at $134,000 after buying an additional 560 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in SK Telecom by 94.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock valued at $29,000 after buying an additional 648 shares in the last quarter.

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.