SK hynix (NASDAQ:SKHY) Trading Down 4.9% – Here’s What Happened

Shares of SK hynix Inc. (NASDAQ:SKHY) dropped 4.9% on Monday . The company traded as low as $151.50 and last traded at $155.37. 16,124,914 shares traded hands during trading, a decline of 57% from the average session volume of 37,349,707 shares. The stock had previously closed at $163.41.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SKHY shares. Cantor Fitzgerald started coverage on SK hynix in a report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 price target on the stock. Zacks Research raised SK hynix to a “hold” rating in a report on Friday, July 24th. Stifel Nicolaus started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 target price on the stock. Needham & Company LLC raised their target price on shares of SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Monday. Finally, Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, SK hynix presently has a consensus rating of “Buy” and an average price target of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last posted its earnings results 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. On average, sell-side analysts forecast 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.