SK hynix (NASDAQ:SKHY) Stock Price Up 2.3% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s stock price traded up 2.3% during trading on Thursday . The company traded as high as $164.73 and last traded at $161.61. Approximately 13,236,955 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 35,124,895 shares. The stock had previously closed at $158.02.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SKHY. UBS Group started coverage on shares of SK hynix in a report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 target price on the stock. Barclays lowered their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Zacks Research raised SK hynix to a “hold” rating in a research note on Friday, July 24th. Royal Bank Of Canada assumed coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price objective on the stock. Finally, Wolfe Research assumed coverage on SK hynix in a research note on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $248.00.

SK hynix Stock Down 0.4%

SK hynix (NASDAQ:SKHY) last announced its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The firm had revenue of $51.19 billion during the quarter. On average, sell-side analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current 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.