SK hynix (NASDAQ:SKHY) Shares Down 1% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY) shares dropped 1% on Monday. The company traded as low as $146.29 and last traded at $147.71. Approximately 20,944,344 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 26,633,469 shares. The stock had previously closed at $149.21.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SKHY shares. UBS Group initiated coverage on SK hynix in a report on Wednesday, July 29th. They set a “buy” rating and a $204.00 target price on the stock. Wells Fargo & Company reissued a “buy” rating on shares of SK hynix in a report on Wednesday, October 28th. Needham & Company LLC upped their target price on shares of SK hynix from $220.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. JPMorgan Chase & Co. began coverage on SK hynix in a research note on Thursday, September 10th. They set an “overweight” rating and a $245.00 price target on the stock. Finally, Citigroup raised SK hynix to a “strong-buy” rating in a research report on Wednesday, September 2nd. Four research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $247.80.

SK hynix Stock Down 5.1%

The firm’s 50 day moving average price is $168.16. The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06.

SK hynix (NASDAQ:SKHY) last released its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.96 by ($2.12). The company had revenue of $73.86 billion during the quarter, compared to analysts’ expectations of $66.41 billion. Analysts expect that SK hynix Inc. will post 25.24 EPS for the current year.

Institutional Investors Weigh In On SK hynix

Several large investors have recently made changes to their positions in the stock. Yarbrough Capital LLC bought a new stake in shares of SK hynix in the third quarter worth $5,934,000. Prime Capital Investment Advisors LLC acquired a new position in SK hynix during the third quarter worth $6,777,000. Capstone Capital Management Ltd bought a new position in SK hynix in the third quarter valued at $1,473,000. Lancaster Investment Management bought a new position in SK hynix in the third quarter valued at $34,103,000. Finally, DUTCH ASSET Corp bought a new position in SK hynix in the third quarter valued at $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.