SK Telecom (NYSE:SKM) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

SK Telecom Co., Ltd. (NYSE:SKM)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $34.09 and traded as high as $34.58. SK Telecom shares last traded at $34.29, with a volume of 3,330,203 shares.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SKM shares. Weiss Ratings restated a “hold (c+)” rating on shares of SK Telecom in a research report on Wednesday. Wall Street Zen lowered shares of SK Telecom from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. Zacks Research raised SK Telecom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upgraded SK Telecom from a “neutral” rating to an “overweight” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

SK Telecom Trading Up 1.4%

The firm has a market cap of $13.27 billion, a PE ratio of 12.49 and a beta of 0.78. The company has a 50-day simple moving average of $34.14 and a 200 day simple moving average of $34.14. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.49.

SK Telecom (NYSE:SKM) last posted its earnings results on Wednesday, November 4th. The Wireless communications provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.27 billion. SK Telecom had a net margin of 7.49% and a return on equity of 9.26%. As a group, sell-side analysts forecast that SK Telecom Co., Ltd. will post 3.90 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SK Telecom

Several hedge funds have recently modified their holdings of SKM. GAMMA Investing LLC raised its position in shares of SK Telecom by 4.2% during the 3rd quarter. GAMMA Investing LLC now owns 7,503 shares of the Wireless communications provider’s stock worth $262,000 after purchasing an additional 301 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in SK Telecom by 2.7% in the 2nd quarter. QRG Capital Management Inc. now owns 19,069 shares of the Wireless communications provider’s stock worth $613,000 after buying an additional 504 shares during the last quarter. Allworth Financial LP increased its stake in SK Telecom by 11.3% during the 2nd quarter. Allworth Financial LP now owns 4,990 shares of the Wireless communications provider’s stock worth $160,000 after buying an additional 507 shares in the last quarter. Hantz Financial Services Inc. increased its stake in SK Telecom by 5.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 16,910 shares of the Wireless communications provider’s stock worth $590,000 after buying an additional 853 shares in the last quarter. Finally, Greenspring Advisors LLC increased its stake in SK Telecom by 9.0% during the 2nd quarter. Greenspring Advisors LLC now owns 11,369 shares of the Wireless communications provider’s stock worth $366,000 after buying an additional 935 shares in the last quarter.

SK Telecom Company Profile

SK Telecom is a South Korean telecommunications company that provides mobile voice and data services, including 5G connectivity, to consumers and businesses. Its offerings also include internet of things and enterprise connectivity solutions. Through its subsidiary SK Broadband, the company provides fixed-line broadband and IPTV services, including its B tv platform. SK Telecom is also developing artificial intelligence services and infrastructure, alongside data center and cloud-related offerings.