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

SK Telecom Co., Ltd. (NYSE:SKM) gapped up prior to trading on Tuesday . The stock had previously closed at $32.24, but opened at $35.50. SK Telecom shares last traded at $35.0650, with a volume of 463,167 shares traded.

Analyst Ratings Changes

SKM has been the subject of a number of research reports. Zacks Research upgraded shares of SK Telecom from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 26th. Weiss Ratings downgraded SK Telecom from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 29th. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded SK Telecom from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. Finally, JPMorgan Chase & Co. raised SK Telecom from a “neutral” rating to an “overweight” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

SK Telecom Stock Up 7.9%

The business’s 50 day moving average is $34.92 and its 200 day moving average is $32.87. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.15 and a current ratio of 1.18. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 58.14, a price-to-earnings-growth ratio of 0.19 and a beta of 0.64.

SK Telecom (NYSE:SKM) last announced its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.98 billion. SK Telecom had a net margin of 2.03% and a return on equity of 2.78%. Equities analysts expect that SK Telecom Co., Ltd. will post 2.76 earnings per share for the current year.

Institutional Investors Weigh In On SK Telecom

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its holdings in shares of SK Telecom by 8.2% in the 1st quarter. Royal Bank of Canada now owns 43,999 shares of the Wireless communications provider’s stock valued at $936,000 after purchasing an additional 3,316 shares during the period. Cubist Systematic Strategies LLC purchased a new position in SK Telecom during the first quarter valued at approximately $85,000. Millennium Management LLC increased its stake in SK Telecom by 160.7% in the 1st quarter. Millennium Management LLC now owns 226,848 shares of the Wireless communications provider’s stock valued at $4,823,000 after buying an additional 139,829 shares during the period. Goldman Sachs Group Inc. lifted its position in SK Telecom by 46.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 260,140 shares of the Wireless communications provider’s stock worth $5,531,000 after buying an additional 83,030 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of SK Telecom by 10.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,732 shares of the Wireless communications provider’s stock valued at $134,000 after buying an additional 560 shares during the period.

About SK Telecom

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.