SK hynix (NASDAQ:SKHY) Trading Down 2.3% – Here’s What Happened

SK hynix Inc. (NASDAQ:SKHY) shares dropped 2.3% during trading on Tuesday . The company traded as low as $158.52 and last traded at $160.78. Approximately 10,697,375 shares traded hands during trading, a decline of 68% from the average daily volume of 33,216,031 shares. The stock had previously closed at $164.58.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SKHY. Zacks Research raised shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Stifel Nicolaus began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set a “buy” rating and a $240.00 target price for the company. Rosenblatt Securities began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Wedbush upgraded shares of SK hynix to a “strong-buy” rating in a research note on Tuesday, August 4th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, SK hynix currently has an average rating of “Buy” and an average target price of $248.00.

SK hynix Trading Down 2.3%

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The firm had revenue of $51.19 billion for the quarter. On average, sell-side analysts anticipate 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.