SK hynix (NASDAQ:SKHY) Stock Price Down 4.3% – Time to Sell?

Shares of SK hynix Inc. (NASDAQ:SKHY) traded down 4.3% during mid-day trading on Friday. The stock traded as low as $129.18 and last traded at $131.79. 16,168,929 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 26,286,428 shares. The stock had previously closed at $137.71.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SKHY shares. Rosenblatt Securities upped their price objective on shares of SK hynix from $320.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. Wells Fargo & Company reaffirmed a “buy” rating on shares of SK hynix in a research report on Wednesday, October 28th. Barclays decreased their price target on SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Citigroup raised SK hynix to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, Cantor Fitzgerald cut their price objective on SK hynix from $300.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, October 26th. Four research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, SK hynix currently has a consensus rating of “Buy” and a consensus price target of $247.80.

SK hynix Stock Performance

The stock has a market cap of $962.72 billion and a price-to-earnings ratio of 8.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.59 and a quick ratio of 2.29. The stock’s 50 day simple moving average is $164.64.

SK hynix (NASDAQ:SKHY) last released its quarterly earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.96 by ($2.12). The business had revenue of $73.86 billion for the quarter, compared to the consensus estimate of $66.41 billion. Equities research analysts forecast that SK hynix Inc. will post 25.24 EPS for the current fiscal year.

Institutional Trading of SK hynix

Hedge funds have recently added to or reduced their stakes in the business. Yarbrough Capital LLC bought a new stake in shares of SK hynix during the third quarter worth approximately $5,934,000. Capstone Capital Management Ltd acquired a new stake in SK hynix during the 3rd quarter worth $1,473,000. Lancaster Investment Management acquired a new stake in SK hynix during the 3rd quarter worth $34,103,000. DUTCH ASSET Corp bought a new stake in shares of SK hynix during the 3rd quarter valued at $2,066,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in shares of SK hynix in the 3rd quarter valued at $6,777,000.

About SK hynix

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors. The company’s memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.