SK hynix (NASDAQ:SKHY) Shares Down 9.2% – Should You Sell?

SK hynix Inc. (NASDAQ:SKHY) traded down 9.2% during mid-day trading on Tuesday . The stock traded as low as $154.53 and last traded at $155.62. Approximately 22,375,204 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 39,564,348 shares. The stock had previously closed at $171.38.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SKHY shares. UBS Group initiated coverage on shares of SK hynix in a research report on Wednesday, July 29th. They set a “buy” rating and a $204.00 price target for the company. Needham & Company LLC assumed coverage on SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $200.00 price target on the stock. Singular Research upgraded shares of SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Cantor Fitzgerald started coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “overweight” rating and a $300.00 price objective on the stock. Finally, Royal Bank Of Canada assumed coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued 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 given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $245.50.

SK hynix Stock Down 9.2%

SK hynix (NASDAQ:SKHY) last released its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The firm had revenue of $51.19 billion for the quarter. Analysts expect that SK hynix Inc. will post 25.48 EPS 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.