SK hynix (NASDAQ:SKHY) Trading 8.1% Higher – Here’s Why

SK hynix Inc. (NASDAQ:SKHY)’s share price rose 8.1% during mid-day trading on Friday . The company traded as high as $177.70 and last traded at $177.00. Approximately 20,512,645 shares changed hands during trading, a decline of 36% from the average daily volume of 31,892,531 shares. The stock had previously closed at $163.68.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Stifel Nicolaus began coverage on shares of SK hynix in a research note on Tuesday, August 4th. They issued a “buy” rating and a $240.00 price objective for the company. Barclays dropped their target price on shares of SK hynix from $330.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Needham & Company LLC boosted their target price on shares of SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Zacks Research upgraded shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Finally, Citigroup upgraded SK hynix to a “strong-buy” rating in a research note on Wednesday. Four 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.com, the stock has an average rating of “Buy” and an average target price of $248.00.

SK hynix Trading Up 8.1%

SK hynix (NASDAQ:SKHY) last issued its earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 EPS for the quarter. The firm had revenue of $51.19 billion during the quarter. Equities research analysts predict that SK hynix Inc. will post 25.48 EPS for the current 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.