SK hynix (NASDAQ:SKHY) Stock Price Up 3% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s share price was up 3% on Monday . The stock traded as high as $178.43 and last traded at $171.38. 23,821,123 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 40,281,172 shares. The stock had previously closed at $166.33.

Analysts Set New Price Targets

SKHY has been the topic of a number of research analyst reports. Needham & Company LLC initiated coverage on SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $200.00 target price on the stock. William Blair started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating for the company. Barclays lowered their price objective on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, July 30th. Rosenblatt Securities initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Wall Street Zen raised shares of SK hynix to a “strong-buy” rating in a research note on Saturday, July 18th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $245.50.

SK hynix Stock Performance

SK hynix (NASDAQ:SKHY) last released its quarterly earnings results on Wednesday, July 29th. The memory chip maker reported $8.76 earnings per share for the quarter, beating analysts’ consensus estimates of $5.12 by $3.64. The company had revenue of $52.83 billion during the quarter, compared to analyst estimates of $59.05 billion. As a group, equities research analysts predict that SK hynix Inc. will post 25.48 EPS for the current fiscal year.

About SK hynix

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.