SK hynix (NASDAQ:SKHY) Shares Down 4.3% – Here’s What Happened

Shares of SK hynix Inc. (NASDAQ:SKHY) dropped 4.3% during trading on Thursday. The company traded as low as $167.21 and last traded at $170.50. 21,966,395 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 27,504,566 shares. The stock had previously closed at $178.25.

Analysts Set New Price Targets

SKHY has been the topic of a number of research analyst reports. Barclays decreased their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Singular Research upgraded 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 note on Wednesday, July 29th. They set a “buy” rating and a $204.00 price target for the company. Citigroup upgraded SK hynix to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, William Blair started coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating on the stock. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, SK hynix currently has a consensus rating of “Buy” and a consensus price target of $253.22.

SK hynix Stock Performance

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 company’s 50 day simple moving average is $170.12. The firm has a market capitalization of $1.25 trillion and a P/E ratio of 13.50.

SK hynix (NASDAQ:SKHY) last released its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The company had revenue of $51.19 billion during the quarter. On average, analysts anticipate that SK hynix Inc. will post 25.69 EPS for the current year.

SK hynix Company Profile

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.