SK hynix (NASDAQ:SKHY) Shares Down 7.6% – Should You Sell?

SK hynix Inc. (NASDAQ:SKHY)’s share price dropped 7.6% during trading on Monday . The company traded as low as $174.59 and last traded at $175.63. Approximately 20,325,461 shares changed hands during trading, a decline of 34% from the average session volume of 30,803,227 shares. The stock had previously closed at $190.07.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Needham & Company LLC increased their target price on SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Cantor Fitzgerald initiated coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set an “overweight” rating and a $300.00 price objective for the company. William Blair began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They set an “outperform” rating on the stock. UBS Group began coverage on shares of SK hynix in a research report on Wednesday, July 29th. They issued a “buy” rating and a $204.00 target price for the company. Finally, Royal Bank Of Canada started coverage on shares of SK hynix in a report on Tuesday, August 4th. They set an “outperform” rating and a $200.00 price target for the company. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, SK hynix currently has an average rating of “Buy” and a consensus price target of $247.67.

SK hynix Trading Down 7.6%

The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.28 trillion and a P/E ratio of 20.05. The firm’s 50 day simple moving average is $160.07.

SK hynix (NASDAQ:SKHY) last announced its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share for the quarter. The business had revenue of $51.19 billion for the quarter. Equities analysts expect that SK hynix Inc. will post 25.61 earnings per share for the current year.

About SK hynix

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

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.