SK hynix (NASDAQ:SKHY) Stock Falls 3.2% – Here’s Why

SK hynix Inc. (NASDAQ:SKHY) dropped 3.2% on Tuesday. The company traded as low as $151.92 and last traded at $157.06. 21,378,049 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 26,993,012 shares. The stock had previously closed at $162.23.

SK hynix News Roundup

Here are the key news stories impacting SK hynix this week:

• Positive Sentiment: SK hynix, Micron and Samsung are generating exceptionally high profits as a severe memory shortage drives DRAM prices higher. This supports near-term earnings and cash flow for SK hynix. DRAM Giants Get Rich as China Builds a Threat
• Positive Sentiment: SK hynix currently shows stronger revenue momentum than Broadcom, helped by acceleration in the latest reported quarter and its leading position in high-speed memory used in artificial-intelligence systems. Broadcom vs. SK Hynix Revenue Trends
• Positive Sentiment: Analysts point to potential shareholder returns as a source of support after the recent sell-off, while SK hynix remains strategically important to advanced-computing and AI memory supply. Micron and SK Hynix Comeback Prospects

Analysts Set New Price Targets

Several research analysts have recently weighed in on SKHY shares. Wedbush raised shares of SK hynix to a “strong-buy” rating in a report on Tuesday, August 4th. Stifel Nicolaus began coverage on shares of SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price objective for the company. Wall Street Zen upgraded shares of SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. Citigroup raised shares of SK hynix to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, Wolfe Research reiterated an “outperform” rating and issued a $250.00 target price on shares of SK hynix in a research report on Wednesday, September 23rd. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $253.22.

SK hynix Stock Performance

The company has a quick ratio of 2.29, a current ratio of 2.59 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $171.43. The stock has a market cap of $1.07 trillion and a P/E ratio of 11.57.

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings data on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The business had revenue of $51.19 billion during the quarter. Research analysts expect that SK hynix Inc. will post 25.69 EPS 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.