SK hynix (NASDAQ:SKHY) Shares Climb 5.1% – Time to Buy?

SK hynix Inc. (NASDAQ:SKHY) shot up 5.1% during trading on Thursday. The company traded as high as $193.83 and last traded at $193.50. 17,280,922 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 28,227,848 shares. The stock had previously closed at $184.15.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SKHY. Singular Research raised shares of SK hynix to a “strong-buy” rating in a research report on Friday, July 10th. Royal Bank Of Canada started coverage on SK hynix in a research report on Tuesday, August 4th. They issued an “outperform” rating and a $200.00 target price on the stock. Rosenblatt Securities initiated coverage on SK hynix in a research report on Tuesday, August 4th. They set a “buy” rating and a $320.00 price target for the company. Zacks Research upgraded SK hynix to a “hold” rating in a research report on Friday, July 24th. Finally, Needham & Company LLC boosted their price objective on SK hynix from $200.00 to $220.00 and gave the company a “buy” rating in a report on Monday, August 24th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, SK hynix presently has a consensus rating of “Buy” and a consensus price target of $253.22.

SK hynix Price Performance

The firm has a 50 day simple moving average of $165.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.29 and a current ratio of 2.59. The firm has a market cap of $1.41 trillion and a price-to-earnings ratio of 15.32.

SK hynix (NASDAQ:SKHY) last posted its quarterly earnings results on Tuesday, August 18th. The memory chip maker reported $8.48 earnings per share (EPS) for the quarter. The company had revenue of $51.19 billion during the quarter. As a group, analysts forecast that SK hynix Inc. will post 25.69 earnings per share for the current year.

About SK hynix

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

The company serves customers worldwide through manufacturing, research and development, sales and support operations across Asia, North America, Europe and other markets.