SK Telecom (NYSE:SKM) Shares Gap Up – Still a Buy?

Shares of SK Telecom Co., Ltd. (NYSE:SKM) gapped up prior to trading on Wednesday . The stock had previously closed at $31.95, but opened at $34.18. SK Telecom shares last traded at $34.3830, with a volume of 390,241 shares traded.

Wall Street Analyst Weigh In

SKM has been the topic of a number of research reports. Zacks Research upgraded SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. HSBC raised SK Telecom from a “reduce” rating to a “hold” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. upgraded shares of SK Telecom from a “neutral” rating to an “overweight” rating in a research note on Thursday, July 16th. 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, Wall Street Zen upgraded shares of SK Telecom from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

SK Telecom Stock Up 5.8%

The company has a quick ratio of 1.15, a current ratio of 1.18 and a debt-to-equity ratio of 0.57. The business has a fifty day simple moving average of $35.87 and a two-hundred day simple moving average of $32.09. The company has a market capitalization of $12.97 billion, a price-to-earnings ratio of 56.81, a P/E/G ratio of 0.19 and a beta of 0.63.

SK Telecom (NYSE:SKM) last issued its earnings results on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. SK Telecom had a return on equity of 2.78% and a net margin of 2.03%.The business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Equities analysts expect that SK Telecom Co., Ltd. will post 2.76 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. lifted its holdings in shares of SK Telecom by 17.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,462,769 shares of the Wireless communications provider’s stock valued at $50,561,000 after acquiring an additional 374,428 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of SK Telecom by 2.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,253,677 shares of the Wireless communications provider’s stock worth $48,679,000 after purchasing an additional 60,242 shares during the last quarter. Great Lakes Advisors LLC grew its holdings in shares of SK Telecom by 1.1% in the 4th 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 last quarter. Allspring Global Investments Holdings LLC increased its position in shares of SK Telecom by 1.4% during 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 purchasing an additional 12,848 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of SK Telecom by 9.6% during the 3rd quarter. Bank of America Corp DE now owns 886,930 shares of the Wireless communications provider’s stock worth $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.