SK Telecom (NYSE:SKM) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Shares of SK Telecom Co., Ltd. (NYSE:SKM) passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $35.34 and traded as high as $35.87. SK Telecom shares last traded at $35.4670, with a volume of 993,797 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on SKM shares. Wall Street Zen upgraded shares of SK Telecom from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. Zacks Research lowered SK Telecom from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, August 27th. Weiss Ratings raised SK Telecom from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. upgraded SK Telecom from a “neutral” rating to an “overweight” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SK Telecom has a consensus rating of “Reduce”.

SK Telecom Stock Down 2.5%

The business’s fifty day moving average is $36.31 and its two-hundred day moving average is $35.39. The stock has a market cap of $13.44 billion, a price-to-earnings ratio of 28.01 and a beta of 0.67. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.49.

SK Telecom (NYSE:SKM) last released its earnings results on Thursday, August 6th. The Wireless communications provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.22. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.96 billion. SK Telecom had a net margin of 4.23% and a return on equity of 5.30%. Equities analysts forecast that SK Telecom Co., Ltd. will post 2.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Groupama Asset Managment increased its holdings in SK Telecom by 1.7% during the 4th quarter. Groupama Asset Managment now owns 25,371 shares of the Wireless communications provider’s stock worth $521,000 after purchasing an additional 418 shares during the period. QRG Capital Management Inc. boosted its stake in shares of SK Telecom by 2.7% in the 2nd quarter. QRG Capital Management Inc. now owns 19,069 shares of the Wireless communications provider’s stock valued at $613,000 after buying an additional 504 shares during the period. Allworth Financial LP grew its position in shares of SK Telecom by 11.3% during the second quarter. Allworth Financial LP now owns 4,990 shares of the Wireless communications provider’s stock worth $160,000 after buying an additional 507 shares in the last quarter. Matthews International Capital Management LLC grew its position in shares of SK Telecom by 33.5% during the first quarter. Matthews International Capital Management LLC now owns 3,326 shares of the Wireless communications provider’s stock worth $97,000 after buying an additional 835 shares in the last quarter. Finally, Greenspring Advisors LLC increased its stake in shares of SK Telecom by 9.0% during the second quarter. Greenspring Advisors LLC now owns 11,369 shares of the Wireless communications provider’s stock worth $366,000 after buying an additional 935 shares during the period.

SK Telecom Company Profile

SK Telecom Co, Ltd. is a South Korean telecommunications company and a member of the SK Group. Headquartered in Seoul, the company provides mobile communications services, including voice, messaging, wireless data, 5G connectivity and related subscription services, primarily in South Korea.

Through its affiliates and business operations, SK Telecom also offers fixed-line broadband internet, internet protocol television and media services. Its enterprise portfolio includes cloud computing, data center services, information and communication technology solutions, artificial intelligence and Internet of Things services for businesses and public-sector customers.

The company traces its origins to Korea Mobile Telecommunications, established in 1984, and adopted the SK Telecom name in 1998 following its incorporation into the SK Group.