SK hynix (NASDAQ:SKHY) Stock Price Up 2.6% – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY)’s stock price shot up 2.6% during trading on Wednesday . The stock traded as high as $165.47 and last traded at $164.98. Approximately 11,081,099 shares were traded during trading, a decline of 66% from the average daily volume of 32,631,084 shares. The stock had previously closed at $160.78.

Analysts Set New Price Targets

A number of analysts have commented on SKHY shares. Wall Street Zen raised SK hynix to a “strong-buy” rating in a report on Saturday, July 18th. Rosenblatt Securities began coverage on SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 target price on the stock. William Blair started coverage on SK hynix in a report on Tuesday, August 4th. They set an “outperform” rating for the company. Stifel Nicolaus initiated coverage on SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price target for the company. Finally, Zacks Research upgraded SK hynix to a “hold” rating in a research note on Friday, July 24th. Three investment 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 MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $248.00.

SK hynix Stock Up 2.6%

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings data 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 for the quarter. On average, sell-side analysts anticipate 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.