SK hynix (NASDAQ:SKHY) Stock Jumps 9.7% – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY)’s stock price rose 9.7% during mid-day trading on Wednesday. The company traded as high as $145.79 and last traded at $142.25. Approximately 20,132,588 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 26,522,074 shares. The stock had previously closed at $129.66.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SKHY shares. Wedbush raised shares of SK hynix to a “strong-buy” rating in a report on Tuesday, August 4th. UBS Group initiated coverage on SK hynix in a research note on Wednesday, July 29th. They issued a “buy” rating and a $204.00 price target for the company. Cantor Fitzgerald decreased their target price on SK hynix from $300.00 to $250.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Citigroup upgraded SK hynix to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, Stifel Nicolaus began coverage on SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $240.00 price target on the stock. Four investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $247.80.

SK hynix Stock Up 9.7%

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’s 50 day moving average is $165.56. The company has a market cap of $1.04 trillion and a P/E ratio of 11.26.

SK hynix (NASDAQ:SKHY) last posted its earnings results on Wednesday, October 28th. The memory chip maker reported $3.84 EPS for the quarter, missing the consensus estimate of $5.96 by ($2.12). The firm had revenue of $73.86 billion during the quarter, compared to the consensus estimate of $66.41 billion. As a group, analysts forecast that SK hynix Inc. will post 25.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Mayflower Financial Advisors LLC acquired a new position in SK hynix during the 3rd quarter valued at about $337,000. Edmond DE Rothschild Holding S.A. bought a new stake in SK hynix during the 3rd quarter valued at $856,000. Greenline Wealth Management LLC acquired a new position in SK hynix during the 3rd quarter worth $201,000. Private Advisor Group LLC acquired a new position in SK hynix during the 3rd quarter worth $5,461,000. Finally, Ieq Capital LLC bought a new position in shares of SK hynix in the third quarter worth $6,834,000.

About SK hynix

SK hynix is a South Korean semiconductor company that develops and manufactures memory products for use in computers, mobile devices, data centers and other electronics. Its principal products include dynamic random-access memory (DRAM), NAND flash memory and high-bandwidth memory (HBM), as well as complementary metal-oxide-semiconductor (CMOS) image sensors. The company’s memory products support applications ranging from personal computing and smartphones to servers, artificial intelligence systems and automotive electronics.