SK hynix (NASDAQ:SKHY) Stock Price Down 1.9% – Time to Sell?

Shares of SK hynix Inc. (NASDAQ:SKHY) dropped 1.9% during trading on Monday . The company traded as low as $134.28 and last traded at $135.29. 16,778,385 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 44,131,469 shares. The stock had previously closed at $137.91.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. William Blair began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set an “outperform” rating on the stock. Rosenblatt Securities assumed coverage on shares of SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $320.00 price objective on the stock. Cantor Fitzgerald began coverage on SK hynix in a research report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 target price on the stock. Stifel Nicolaus started coverage on SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $240.00 target price for the company. Finally, Wedbush raised SK hynix to a “strong-buy” rating in a research report on Tuesday, August 4th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $245.50.

SK hynix Stock Down 1.9%

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, beating the consensus estimate of $5.12 by $3.64. The business had revenue of $52.83 billion during the quarter, compared to analysts’ expectations of $59.05 billion. As a group, research analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current year.

SK hynix Company Profile

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.