SK Telecom (NYSE:SKM) Shares Gap Up – Here’s Why

SK Telecom Co., Ltd. (NYSE:SKM) gapped up prior to trading on Monday . The stock had previously closed at $37.34, but opened at $40.60. SK Telecom shares last traded at $41.3430, with a volume of 1,429,542 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SKM shares. Wall Street Zen raised SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Citigroup downgraded SK Telecom from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 18th. Bank of America lowered shares of SK Telecom from a “neutral” rating to an “underperform” rating in a report on Wednesday, February 18th. HSBC raised shares of SK Telecom from a “reduce” rating to a “hold” rating in a report on Thursday, May 7th. Finally, Zacks Research upgraded shares of SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, SK Telecom has an average rating of “Reduce”.

SK Telecom Stock Up 10.5%

The business has a 50-day moving average of $35.30 and a 200 day moving average of $28.18. The company has a market capitalization of $15.84 billion, a PE ratio of 68.79, a P/E/G ratio of 0.23 and a beta of 0.60. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.00.

SK Telecom (NYSE:SKM) last released its quarterly earnings data on Friday, May 8th. The Wireless communications provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. SK Telecom had a net margin of 2.03% and a return on equity of 2.84%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.98 billion. Equities research analysts predict that SK Telecom Co., Ltd. will post 2.76 earnings per share for the current year.

Hedge Funds Weigh In On SK Telecom

Several hedge funds have recently bought and sold shares of SKM. Kestra Advisory Services LLC bought a new stake in shares of SK Telecom during the fourth quarter worth $28,000. Jones Financial Companies Lllp grew its holdings in shares of SK Telecom by 94.2% in the third quarter. Jones Financial Companies Lllp now owns 1,336 shares of the Wireless communications provider’s stock worth $29,000 after purchasing an additional 648 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of SK Telecom in the fourth quarter worth about $30,000. Allworth Financial LP increased its stake in SK Telecom by 138.2% in the 3rd quarter. Allworth Financial LP now owns 1,701 shares of the Wireless communications provider’s stock worth $37,000 after buying an additional 987 shares during the period. Finally, Wexford Capital LP purchased a new position in SK Telecom in the 3rd quarter worth about $39,000.

SK Telecom Company Profile

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.