SK Telecom (NYSE:SKM) Shares Gap Up – Time to Buy?

Shares of SK Telecom Co., Ltd. (NYSE:SKM) gapped up before the market opened on Wednesday. The stock had previously closed at $31.47, but opened at $32.60. SK Telecom shares last traded at $31.69, with a volume of 193,629 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SKM shares. Zacks Research raised SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Weiss Ratings upgraded SK Telecom from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. upgraded SK Telecom from a “neutral” rating to an “overweight” rating in a report on Thursday, July 16th. Finally, Wall Street Zen raised shares of SK Telecom from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

SK Telecom Stock Performance

The stock has a 50-day moving average of $35.89 and a two-hundred day moving average of $33.56. The company has a market cap of $12.14 billion, a P/E ratio of 25.34 and a beta of 0.72.

SK Telecom (NYSE:SKM) last posted its earnings results on Thursday, August 6th. The Wireless communications provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.22. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.96 billion. Research analysts predict that SK Telecom Co., Ltd. will post 2.21 EPS for the current year.

Institutional Investors Weigh In On SK Telecom

A number of institutional investors and hedge funds have recently bought and sold shares of SKM. Mather Group LLC. purchased a new position in shares of SK Telecom during the third quarter valued at about $42,000. Matthews International Capital Management LLC boosted its stake in 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 valued at $97,000 after buying an additional 835 shares during the last quarter. Royal Bank of Canada grew its holdings in SK Telecom by 69.7% during the 1st quarter. Royal Bank of Canada now owns 4,853 shares of the Wireless communications provider’s stock valued at $142,000 after buying an additional 1,994 shares in the last quarter. Allworth Financial LP grew its holdings in SK Telecom by 11.3% during the 2nd quarter. Allworth Financial LP now owns 4,990 shares of the Wireless communications provider’s stock valued at $160,000 after buying an additional 507 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC purchased a new position in shares of SK Telecom in the first quarter valued at $202,000.

About SK Telecom

SK Telecom Co, Ltd. is a South Korean telecommunications company that provides mobile communications and information technology services. The company offers wireless voice and data services, mobile connectivity, internet access, and related digital products to consumers and businesses.

Through its broadband and media operations, SK Telecom provides fixed-line internet, internet protocol television, and video and entertainment services. It also serves corporate and institutional customers with enterprise telecommunications, cloud, data center, cybersecurity, and other technology solutions.

SK Telecom is headquartered in South Korea and primarily serves the South Korean market, while also pursuing international opportunities through technology partnerships and investments.