SK Telecom (NYSE:SKM) Shares Gap Down – Here’s What Happened

SK Telecom Co., Ltd. (NYSE:SKM)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $35.24, but opened at $31.47. SK Telecom shares last traded at $30.47, with a volume of 525,566 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. HSBC raised shares of SK Telecom from a “reduce” rating to a “hold” rating in a report on Thursday, May 7th. Zacks Research upgraded SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen upgraded shares of SK Telecom from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Weiss Ratings lowered shares of SK Telecom from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. upgraded shares of SK Telecom from a “neutral” rating to an “overweight” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce”.

SK Telecom Stock Performance

The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 51.53, a PEG ratio of 0.22 and a beta of 0.63. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 1.15. The company’s 50-day moving average price is $35.60 and its two-hundred day moving average price is $32.49.

SK Telecom (NYSE:SKM) last released its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.98 billion. SK Telecom had a return on equity of 2.78% and a net margin of 2.03%. On average, equities research analysts anticipate that SK Telecom Co., Ltd. will post 2.77 EPS for the current fiscal year.

Institutional Investors Weigh In On SK Telecom

A number of institutional investors and hedge funds have recently bought and sold shares of SKM. Robeco Institutional Asset Management B.V. lifted its position in shares of SK Telecom by 17.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,462,769 shares of the Wireless communications provider’s stock worth $50,561,000 after buying an additional 374,428 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of SK Telecom by 2.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,253,677 shares of the Wireless communications provider’s stock valued at $48,679,000 after buying an additional 60,242 shares during the last quarter. Great Lakes Advisors LLC boosted its position in SK Telecom by 1.1% during the fourth quarter. Great Lakes Advisors LLC now owns 1,117,361 shares of the Wireless communications provider’s stock worth $22,939,000 after purchasing an additional 12,672 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in SK Telecom by 1.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 923,579 shares of the Wireless communications provider’s stock worth $18,961,000 after buying an additional 12,848 shares during the period. Finally, Bank of America Corp DE grew its position in shares of SK Telecom by 9.6% in the third quarter. Bank of America Corp DE now owns 886,930 shares of the Wireless communications provider’s stock valued at $19,158,000 after purchasing an additional 77,763 shares in the last quarter.

About SK Telecom

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.