SK Telecom (NYSE:SKM) Shares Gap Down – Here’s Why

Shares of SK Telecom Co., Ltd. (NYSE:SKM) gapped down before the market opened on Thursday . The stock had previously closed at $45.04, but opened at $40.25. SK Telecom shares last traded at $39.89, with a volume of 1,661,597 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Weiss Ratings lowered SK Telecom from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research report on Thursday, May 7th. Zacks Research raised SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Finally, Citigroup lowered SK Telecom from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Four analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce”.

SK Telecom Price Performance

The stock has a fifty day moving average price of $36.28 and a 200-day moving average price of $28.71. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.03. The firm has a market capitalization of $15.84 billion, a PE ratio of 68.78, a P/E/G ratio of 0.28 and a beta of 0.60.

SK Telecom (NYSE:SKM) last announced its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. SK Telecom had a return on equity of 2.84% and a net margin of 2.03%.The firm had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.98 billion. Sell-side analysts forecast that SK Telecom Co., Ltd. will post 2.76 EPS for the current fiscal year.

Institutional Trading of SK Telecom

Several large investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new position in shares of SK Telecom in the 4th quarter valued at about $28,000. Jones Financial Companies Lllp raised its holdings in SK Telecom by 94.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock worth $29,000 after purchasing an additional 648 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in SK Telecom in the 4th quarter worth about $30,000. Allworth Financial LP raised its holdings in SK Telecom by 138.2% in the 3rd quarter. Allworth Financial LP now owns 1,701 shares of the Wireless communications provider’s stock worth $37,000 after purchasing an additional 987 shares during the period. Finally, Wexford Capital LP acquired a new position in SK Telecom in the 3rd quarter worth about $39,000.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.