SK hynix (NASDAQ:SKHY) Stock Price Down 13.4% – Here’s Why

Shares of SK hynix Inc. (NASDAQ:SKHY) dropped 13.4% on Thursday. The stock traded as low as $122.20 and last traded at $123.90. Approximately 50,726,961 shares were traded during trading, an increase of 90% from the average daily volume of 26,640,252 shares. The stock had previously closed at $143.07.

SK hynix News Roundup

Here are the key news stories impacting SK hynix this week:

• Positive Sentiment: South Korean semiconductor exports rose 93.7% in October, reflecting strong industry demand. Separately, SK hynix’s leadership has said the memory supercycle could continue through 2030, supporting the longer-term growth case. South Korea’s Chip Exports Are Soaring—So Why Is This ETF Down 20? Got $5,000? Buy These 2 Growth Stocks Powering the AI Memory Boom
• Negative Sentiment: A broad retreat from AI-linked semiconductor stocks intensified after the U.S. midterm elections, with investors questioning the outlook for data-center spending. SK hynix fell alongside other memory-chip makers as the sector selloff continued. Micron, SanDisk, SK Hynix plunge as memory stocks selloff intensifies
• Negative Sentiment: Qualcomm’s reported 26% handset plunge added to concerns about smartphone demand, which could weigh on memory-chip demand beyond AI applications. SK hynix Sinks as Qualcomm’s Handset Plunge Deepens Memory Chip Rout
• Negative Sentiment: Analysts say a delayed U.S. export license for equipment intended for SK hynix’s China NAND plant could complicate its manufacturing plans. Wedbush also highlighted potential strategic implications from the company missing out on a U.S. plant opportunity. Why SK Hynix Plunged Today SK Hynix losing out on US plant has major implications, Wedbush says

Analyst Ratings Changes

SKHY has been the topic of several research reports. Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Stifel Nicolaus began coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price target for the company. Cantor Fitzgerald reduced their price objective on shares of SK hynix from $300.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Wedbush raised shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings started coverage on shares of SK hynix in a report on Friday, October 2nd. They issued a “hold (c)” rating on the stock. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $247.80.

SK hynix Trading Down 13.4%

The firm’s 50-day simple moving average is $168.16. The company has a market cap of $905.08 billion and a P/E ratio of 9.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59.

SK hynix (NASDAQ:SKHY) last released its quarterly earnings data on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share for the quarter, missing the consensus estimate of $5.96 by ($2.12). The firm had revenue of $73.86 billion during the quarter, compared to analyst estimates of $66.41 billion. On average, analysts anticipate that SK hynix Inc. will post 25.24 earnings per share for the current year.

Institutional Investors Weigh In On SK hynix

Hedge funds have recently modified their holdings of the stock. Pictet Asset Management Holding SA acquired a new position in shares of SK hynix in the 3rd quarter valued at $69,830,000. Brooklands Fund Management Ltd acquired a new stake in SK hynix during the 3rd quarter worth about $46,145,000. Lancaster Investment Management acquired a new stake in SK hynix during the 3rd quarter worth about $34,103,000. Asset Management One Co. Ltd. acquired a new stake in SK hynix during the 3rd quarter worth about $21,554,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in SK hynix during the third quarter valued at about $18,543,000.

SK hynix Company Profile

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products and related semiconductor solutions. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives, and high-bandwidth memory (HBM) used in computing, artificial intelligence, data centers, smartphones, automotive systems, and other electronic devices.

The company serves customers globally through manufacturing, research, sales, and support operations in South Korea and other major technology markets.