SK hynix (NASDAQ:SKHY) Shares Down 5.2% – What’s Next?

SK hynix Inc. (NASDAQ:SKHY) fell 5.2% during trading on Thursday . The stock traded as low as $187.17 and last traded at $188.30. Approximately 21,503,299 shares changed hands during trading, a decline of 31% from the average session volume of 31,368,480 shares. The stock had previously closed at $198.63.

Key Stories Impacting SK hynix

Here are the key news stories impacting SK hynix this week:

• Positive Sentiment: JPMorgan began coverage of SK hynix with an Overweight rating and a $245 price target, implying substantial upside from recent trading levels. Memory Stocks Slide as Rates and Oil Swamp JPMorgan’s Overweight Call
• Positive Sentiment: Analysts continue to view SK hynix as a major beneficiary of artificial-intelligence demand for high-bandwidth memory. Zacks said SK hynix, Micron and SanDisk could be positioned for another rally after their summer correction. Micron, Sandisk and the Next Leg Higher in Memory Stocks
• Neutral Sentiment: A report said Kioxia’s chief ruled out deeper ties with SK hynix, limiting speculation about additional strategic cooperation between the memory-chip companies. Kioxia chief rules out deeper ties with rival SK hynix
• Negative Sentiment: Memory stocks fell broadly after a jump in oil prices increased fears of higher inflation and interest rates. Investors reduced exposure to high-beta technology shares, pulling SK hynix lower alongside Micron and SanDisk. Why are Micron, SanDisk, SK Hynix and other memory stocks falling?
• Negative Sentiment: The macroeconomic pressure overwhelmed JPMorgan’s bullish initiation, making the current decline appear driven more by sector-wide risk aversion than by a deterioration in SK hynix’s company-specific outlook. Memory Stocks Slide as Rates and Oil Swamp JPMorgan’s Overweight Call

Analyst Upgrades and Downgrades

SKHY has been the subject of several research analyst reports. Citigroup raised SK hynix to a “strong-buy” rating in a research report on Wednesday, September 2nd. Needham & Company LLC lifted their price target on SK hynix from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Wall Street Zen raised SK hynix to a “strong-buy” rating in a research report on Saturday, July 18th. William Blair assumed coverage on SK hynix in a research report on Tuesday, August 4th. They set an “outperform” rating on the stock. Finally, Zacks Research raised shares of SK hynix to a “hold” rating in a report on Friday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, SK hynix has an average rating of “Buy” and a consensus price target of $247.67.

SK hynix Stock Down 5.2%

The company has a market cap of $1.38 trillion and a PE ratio of 21.50. The company has a current ratio of 2.59, a quick ratio of 2.29 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average price of $158.71.

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. As a group, research analysts predict that SK hynix Inc. will post 25.48 earnings per share for the current year.

About SK hynix

SK hynix Inc is a South Korean semiconductor manufacturer that develops and produces memory products for data centers, artificial intelligence systems, personal computers, mobile devices, automotive applications and other technology markets. Its portfolio includes dynamic random-access memory (DRAM), high-bandwidth memory (HBM), NAND flash memory, solid-state drives and related semiconductor solutions.

The company was established in 1983 as Hyundai Electronic Industrial Co and later operated under the name Hynix Semiconductor before becoming SK hynix following its acquisition by SK Telecom in 2012.