SK Telecom (NYSE:SKM) Shares Gap Up – Should You Buy?

SK Telecom Co., Ltd. (NYSE:SKM) gapped up before the market opened on Friday . The stock had previously closed at $36.71, but opened at $38.62. SK Telecom shares last traded at $39.1560, with a volume of 490,801 shares.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SKM shares. Weiss Ratings lowered shares of SK Telecom from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. upgraded shares of SK Telecom from a “neutral” rating to an “overweight” rating in a research report on Thursday, July 16th. Zacks Research raised shares of SK Telecom from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, HSBC upgraded shares of SK Telecom from a “reduce” rating to a “hold” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold”.

SK Telecom Stock Up 6.1%

The company has a quick ratio of 1.15, a current ratio of 1.18 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $33.97 and a 200-day simple moving average of $33.58. The stock has a market cap of $14.94 billion, a P/E ratio of 31.15 and a beta of 0.64.

SK Telecom (NYSE:SKM) last issued its quarterly earnings results on Wednesday, August 5th. The Wireless communications provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.22. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.96 billion. SK Telecom had a return on equity of 5.59% and a net margin of 4.23%. Analysts expect that SK Telecom Co., Ltd. will post 2.42 EPS for the current year.

Hedge Funds Weigh In On SK Telecom

A number of hedge funds have recently made changes to their positions in SKM. Kestra Advisory Services LLC bought a new position in SK Telecom during the fourth quarter worth about $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of SK Telecom in the 4th quarter valued at approximately $30,000. Wexford Capital LP acquired a new position in shares of SK Telecom in the 3rd quarter worth approximately $39,000. Matthews International Capital Management LLC raised its holdings in shares of SK Telecom by 50.4% in the 4th quarter. Matthews International Capital Management LLC now owns 2,491 shares of the Wireless communications provider’s stock worth $51,000 after buying an additional 835 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of SK Telecom during the 1st quarter worth approximately $85,000.

About SK Telecom

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.