SK hynix (NASDAQ:SKHY) Shares Gap Up – Here’s Why

SK hynix Inc. (NASDAQ:SKHY) shares gapped up before the market opened on Monday . The stock had previously closed at $166.33, but opened at $172.60. SK hynix shares last traded at $174.8170, with a volume of 7,324,066 shares.

Analyst Ratings Changes

SKHY has been the subject of a number of recent analyst reports. Needham & Company LLC started coverage on SK hynix in a report on Tuesday, August 4th. They set a “buy” rating and a $200.00 target price for the company. Wolfe Research assumed coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price target on the stock. UBS Group started coverage on shares of SK hynix in a report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target for the company. Royal Bank Of Canada began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price target for the company. Finally, Cantor Fitzgerald started coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set an “overweight” rating and a $300.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $245.50.

SK hynix Stock Up 6.8%

SK hynix (NASDAQ:SKHY) last posted its earnings results on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, topping the consensus estimate of $5.12 by $3.64. The company had revenue of $52.83 billion during the quarter, compared to analysts’ expectations of $59.05 billion. As a group, research analysts expect that SK hynix Inc. will post 25.48 EPS for the current year.

SK hynix Company Profile

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.