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

SK Telecom Co., Ltd. (NYSE:SKM)’s share price gapped down prior to trading on Monday . The stock had previously closed at $36.21, but opened at $34.45. SK Telecom shares last traded at $34.40, with a volume of 1,753,295 shares changing hands.

Wall Street Analyst Weigh In

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

SK Telecom Price Performance

The company has a 50-day moving average of $38.15 and a 200-day moving average of $30.23. 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 $13.22 billion, a price-to-earnings ratio of 57.40, a PEG ratio of 0.22 and a beta of 0.60.

SK Telecom (NYSE:SKM) last posted its quarterly earnings data on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.98 billion. SK Telecom had a return on equity of 2.78% and a net margin of 2.03%. As a group, equities research analysts predict that SK Telecom Co., Ltd. will post 2.76 earnings per share for the current year.

Hedge Funds Weigh In On SK Telecom

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC lifted its stake in shares of SK Telecom by 202.4% in the 4th quarter. Millennium Management LLC now owns 606,347 shares of the Wireless communications provider’s stock worth $12,448,000 after acquiring an additional 405,863 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of SK Telecom by 17.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,462,769 shares of the Wireless communications provider’s stock worth $50,561,000 after acquiring an additional 374,428 shares during the period. ABN Amro Investment Solutions raised its holdings in SK Telecom by 136.8% during the first quarter. ABN Amro Investment Solutions now owns 568,343 shares of the Wireless communications provider’s stock worth $16,647,000 after purchasing an additional 328,300 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in SK Telecom by 80,378.7% during the fourth quarter. JPMorgan Chase & Co. now owns 328,353 shares of the Wireless communications provider’s stock worth $6,741,000 after purchasing an additional 327,945 shares in the last quarter. Finally, Calamos Advisors LLC acquired a new stake in SK Telecom in the first quarter valued at about $9,065,000.

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.