SK hynix (NASDAQ:SKHY) Stock Price Down 2.3% – Time to Sell?

SK hynix Inc. (NASDAQ:SKHY)’s stock price traded down 2.3% during trading on Tuesday . The stock traded as low as $158.52 and last traded at $160.78. Approximately 10,697,375 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 33,216,031 shares. The stock had previously closed at $164.58.

Wall Street Analyst Weigh In

SKHY has been the topic of several recent analyst reports. Rosenblatt Securities started coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set a “buy” rating and a $320.00 target price on the stock. Zacks Research upgraded SK hynix to a “hold” rating in a report on Friday, July 24th. Needham & Company LLC upped their price target on SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Stifel Nicolaus initiated coverage on SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price objective for the company. Finally, Wolfe Research began coverage on SK hynix in a research note on Tuesday, August 4th. They set an “outperform” rating and a $200.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, SK hynix currently has an average rating of “Buy” and a consensus price target of $248.00.

SK hynix Trading Down 2.3%

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The firm had revenue of $51.19 billion for the quarter. On average, equities analysts expect that SK hynix Inc. will post 25.48 earnings per share for the current year.

About SK hynix

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.