SK hynix (NASDAQ:SKHY) Shares Down 6.4% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY)’s share price was down 6.4% during trading on Tuesday. The stock traded as low as $180.91 and last traded at $182.56. Approximately 21,502,335 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 27,695,129 shares. The stock had previously closed at $195.02.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Zacks Research upgraded shares of SK hynix to a “hold” rating in a research note on Friday, July 24th. Barclays cut their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Stifel Nicolaus began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price objective on the stock. Citigroup upgraded SK hynix to a “strong-buy” rating in a research report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of SK hynix in a report on Thursday, September 10th. They issued an “overweight” rating and a $245.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $253.22.

SK hynix Stock Performance

The company has a market capitalization of $1.33 trillion and a price-to-earnings ratio of 14.45. The business’s 50-day simple moving average is $168.04. The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06.

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The firm had revenue of $51.19 billion for the quarter. As a group, analysts predict that SK hynix Inc. will post 25.69 earnings per share for the current fiscal year.

About SK hynix

SK hynix Inc is a South Korean semiconductor company that develops and manufactures memory products for data centers, personal computers, mobile devices, automotive systems and other technology applications. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.