SK Telecom (NYSE:SKM) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

SK Telecom Co., Ltd. (NYSE:SKM)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $30.00 and traded as high as $37.24. SK Telecom shares last traded at $36.0720, with a volume of 2,006,182 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Weiss Ratings lowered shares of SK Telecom from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, May 27th. Bank of America downgraded shares of SK Telecom from a “neutral” rating to an “underperform” rating in a research note on Wednesday, February 18th. HSBC upgraded SK Telecom from a “reduce” rating to a “hold” rating in a research report on Thursday, May 7th. Citigroup downgraded SK Telecom from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 18th. Finally, Zacks Research raised SK Telecom from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce”.

SK Telecom Stock Down 2.3%

The business’s fifty day moving average price is $38.04 and its 200 day moving average price is $30.00. The firm has a market capitalization of $13.84 billion, a price-to-earnings ratio of 60.12, a PEG ratio of 0.23 and a beta of 0.60. The company has a current ratio of 1.18, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

SK Telecom (NYSE:SKM) last issued its quarterly earnings data on Friday, May 8th. The Wireless communications provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.98 billion. SK Telecom had a net margin of 2.03% and a return on equity of 2.78%. On average, equities analysts expect that SK Telecom Co., Ltd. will post 2.76 EPS for the current year.

Hedge Funds Weigh In On SK Telecom

Institutional investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. raised its stake in SK Telecom by 17.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,462,769 shares of the Wireless communications provider’s stock valued at $50,561,000 after acquiring an additional 374,428 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of SK Telecom by 2.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,253,677 shares of the Wireless communications provider’s stock valued at $48,679,000 after purchasing an additional 60,242 shares during the last quarter. Great Lakes Advisors LLC increased its holdings in shares of SK Telecom by 1.1% in the fourth quarter. Great Lakes Advisors LLC now owns 1,117,361 shares of the Wireless communications provider’s stock valued at $22,939,000 after purchasing an additional 12,672 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of SK Telecom by 1.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 923,579 shares of the Wireless communications provider’s stock valued at $18,961,000 after purchasing an additional 12,848 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of SK Telecom by 9.6% during the third quarter. Bank of America Corp DE now owns 886,930 shares of the Wireless communications provider’s stock worth $19,158,000 after purchasing an additional 77,763 shares during the last quarter.

SK Telecom Company Profile

SK Telecom Co, Ltd. (NYSE:SKM) is South Korea’s largest wireless carrier, offering a comprehensive range of mobile telecommunications services. The company operates 5G, 4G LTE and IoT networks, providing voice, data and messaging solutions to consumers and businesses. Beyond traditional wireless services, SK Telecom delivers fixed-line broadband, digital content platforms, cloud computing and cybersecurity offerings designed to support enterprise digital transformation and the growing demand for high-speed connectivity.

Established in 1984 as Korea Mobile Telecommunications Services, SK Telecom pioneered cellular service commercialization in South Korea and has continually expanded into new technology areas.