SK hynix (NASDAQ:SKHY) Stock Price Down 4% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY) dropped 4% during mid-day trading on Monday. The company traded as low as $161.31 and last traded at $162.23. Approximately 14,248,129 shares were traded during trading, a decline of 47% from the average daily volume of 27,071,975 shares. The stock had previously closed at $169.03.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wedbush upgraded SK hynix to a “strong-buy” rating in a report on Tuesday, August 4th. Singular Research raised SK hynix to a “strong-buy” rating in a research report on Friday, July 10th. UBS Group began coverage on SK hynix in a research report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price objective for the company. Barclays dropped their target price on SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $253.22.

SK hynix Price Performance

The business’s 50-day moving average price is $171.05. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The stock has a market capitalization of $1.19 trillion and a PE ratio of 12.84.

SK hynix (NASDAQ:SKHY) last released 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 during the quarter. As a group, equities research analysts anticipate that SK hynix Inc. will post 25.69 EPS for the current year.

About SK hynix

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products for data centers, personal computers, mobile devices, automotive systems and other technology applications. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.