SK hynix (NASDAQ:SKHY) Stock Price Down 1.9% – Time to Sell?

SK hynix Inc. (NASDAQ:SKHY) fell 1.9% during mid-day trading on Monday . The stock traded as low as $134.28 and last traded at $135.29. 16,778,385 shares traded hands during trading, a decline of 62% from the average session volume of 44,131,469 shares. The stock had previously closed at $137.91.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cantor Fitzgerald initiated coverage on SK hynix in a research report on Tuesday, August 4th. They issued an “overweight” rating and a $300.00 price target for the company. Needham & Company LLC started coverage on SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $200.00 price objective on the stock. Singular Research upgraded SK hynix to a “strong-buy” rating in a research note on Friday, July 10th. Royal Bank Of Canada initiated coverage on shares of SK hynix in a report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 target price for the company. Finally, Barclays decreased their price target on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $245.50.

SK hynix Price Performance

SK hynix (NASDAQ:SKHY) last issued its quarterly earnings data on Wednesday, July 29th. The memory chip maker reported $8.76 EPS for the quarter, beating the consensus estimate of $5.12 by $3.64. The business had revenue of $52.83 billion for the quarter, compared to analysts’ expectations of $59.05 billion. As a group, equities analysts anticipate that SK hynix Inc. will post 25.48 earnings per share for the current fiscal 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.