SK Telecom (NYSE:SKM) Shares Gap Up – Time to Buy?

Shares of SK Telecom Co., Ltd. (NYSE:SKM) gapped up before the market opened on Wednesday. The stock had previously closed at $31.47, but opened at $32.60. SK Telecom shares last traded at $31.69, with a volume of 193,629 shares trading hands.

Analyst Ratings Changes

SKM has been the subject of a number of analyst reports. Wall Street Zen upgraded SK Telecom from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. JPMorgan Chase & Co. upgraded shares of SK Telecom from a “neutral” rating to an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings raised shares of SK Telecom from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Finally, Zacks Research upgraded shares of SK Telecom from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, SK Telecom has an average rating of “Reduce”.

SK Telecom Price Performance

The company has a market cap of $12.14 billion, a P/E ratio of 25.34 and a beta of 0.72. The business has a 50-day moving average of $35.89 and a two-hundred day moving average of $33.56.

SK Telecom (NYSE:SKM) last released its quarterly earnings results on Thursday, August 6th. The Wireless communications provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.22. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.96 billion. Equities analysts anticipate that SK Telecom Co., Ltd. will post 2.21 EPS for the current fiscal year.

Hedge Funds Weigh In On SK Telecom

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Calamos Advisors LLC acquired a new stake in shares of SK Telecom in the first quarter valued at about $9,065,000. ABN Amro Investment Solutions boosted its position in SK Telecom by 136.8% during the first quarter. ABN Amro Investment Solutions now owns 568,343 shares of the Wireless communications provider’s stock worth $16,647,000 after acquiring an additional 328,300 shares during the last quarter. Calamos Wealth Management LLC purchased a new stake in SK Telecom during the 1st quarter valued at about $3,511,000. WINTON GROUP Ltd purchased a new stake in SK Telecom during the 2nd quarter valued at about $965,000. Finally, Euro Pacific Asset Management LLC grew its stake in SK Telecom by 80.6% during the 1st quarter. Euro Pacific Asset Management LLC now owns 223,557 shares of the Wireless communications provider’s stock valued at $6,513,000 after acquiring an additional 99,741 shares in the last quarter.

About SK Telecom

SK Telecom Co, Ltd. is a South Korean telecommunications company that provides mobile communications and information technology services. The company offers wireless voice and data services, mobile connectivity, internet access, and related digital products to consumers and businesses.

Through its broadband and media operations, SK Telecom provides fixed-line internet, internet protocol television, and video and entertainment services. It also serves corporate and institutional customers with enterprise telecommunications, cloud, data center, cybersecurity, and other technology solutions.

SK Telecom is headquartered in South Korea and primarily serves the South Korean market, while also pursuing international opportunities through technology partnerships and investments.