Short Interest in SK Telecom Co., Ltd. (NYSE:SKM) Drops By 32.6%

SK Telecom Co., Ltd. (NYSE:SKM) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 681,000 shares, a decrease of 32.6% from the August 31st total of 1,010,000 shares. Approximately 0.2% of the company’s stock are sold short. Based on an average daily trading volume, of 249,600 shares, the short-interest ratio is currently 2.7 days.

SK Telecom Price Performance

SK Telecom stock traded down $0.13 during midday trading on Friday, hitting $24.34. 254,721 shares of the company’s stock were exchanged, compared to its average volume of 278,727. The company has a current ratio of 0.98, a quick ratio of 0.95 and a debt-to-equity ratio of 0.60. SK Telecom has a 12-month low of $19.42 and a 12-month high of $24.58. The firm’s 50 day simple moving average is $23.06 and its 200 day simple moving average is $21.77.

SK Telecom (NYSE:SKM) last issued its quarterly earnings results on Tuesday, August 6th. The Wireless communications provider reported $0.63 earnings per share for the quarter. SK Telecom had a return on equity of 8.94% and a net margin of 6.52%. The firm had revenue of $3.22 billion during the quarter. Equities research analysts forecast that SK Telecom will post 2.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SKM. PNC Financial Services Group Inc. increased its position in SK Telecom by 474.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,106 shares of the Wireless communications provider’s stock worth $238,000 after purchasing an additional 9,171 shares during the period. Acadian Asset Management LLC lifted its holdings in SK Telecom by 79.6% in the first quarter. Acadian Asset Management LLC now owns 281,508 shares of the Wireless communications provider’s stock valued at $6,068,000 after acquiring an additional 124,739 shares during the period. Simplicity Wealth LLC boosted its position in shares of SK Telecom by 14.3% during the 2nd quarter. Simplicity Wealth LLC now owns 22,643 shares of the Wireless communications provider’s stock worth $474,000 after purchasing an additional 2,827 shares in the last quarter. Sei Investments Co. grew its stake in shares of SK Telecom by 8.0% during the 1st quarter. Sei Investments Co. now owns 134,186 shares of the Wireless communications provider’s stock worth $2,893,000 after purchasing an additional 9,953 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of SK Telecom by 3.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,159,884 shares of the Wireless communications provider’s stock worth $25,007,000 after purchasing an additional 37,186 shares during the period.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised SK Telecom from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 7th.

SK Telecom Company Profile

SK Telecom Co, Ltd. provides wireless telecommunication services in South Korea. The company operates through three segments: Cellular Services, Fixed-Line Telecommunications Services, and Other Businesses. The Cellular Services segment offers wireless voice and data transmission, Internet of Things solutions, platform, cloud, smart factory solutions, subscription, advertising and curated shopping under T Deal brand name, and metaverse platform-based services, as well as sells wireless devices.