SK hynix (NASDAQ:SKHY) Trading Up 2.2% – Should You Buy?

SK hynix Inc. (NASDAQ:SKHY)’s share price shot up 2.2% during trading on Monday . The company traded as high as $165.07 and last traded at $164.58. 12,045,646 shares were traded during mid-day trading, a decline of 64% from the average session volume of 33,794,465 shares. The stock had previously closed at $161.04.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKHY. Singular Research upgraded SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Needham & Company LLC upped their price target on SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Royal Bank Of Canada started coverage on SK hynix in a research report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 price objective for the company. Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen raised shares of SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $248.00.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last posted its quarterly 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 during the quarter. Equities research analysts anticipate 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.