SkyWater Technology (NASDAQ:SKYT) Trading Up 8.7% – Still a Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT) shot up 8.7% during mid-day trading on Tuesday . The stock traded as high as $30.84 and last traded at $31.6370. 943,226 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 1,925,032 shares. The stock had previously closed at $29.10.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SKYT shares. TD Cowen downgraded shares of SkyWater Technology from a “buy” rating to a “hold” rating and upped their price objective for the stock from $24.00 to $35.00 in a report on Tuesday, January 27th. Craig Hallum downgraded shares of SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 target price for the company. in a research report on Tuesday, January 27th. Stifel Nicolaus set a $35.00 target price on shares of SkyWater Technology in a report on Monday, January 26th. Piper Sandler cut shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and raised their price target for the company from $17.00 to $35.00 in a research report on Monday, January 26th. Finally, Zacks Research downgraded SkyWater Technology from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $32.00.

SkyWater Technology Price Performance

The company has a market capitalization of $1.51 billion, a P/E ratio of 12.68 and a beta of 3.47. The business’s 50-day moving average is $28.68 and its two-hundred day moving average is $23.44. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). The firm had revenue of $171.04 million during the quarter, compared to the consensus estimate of $160.05 million. SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. As a group, analysts predict that SkyWater Technology, Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In related news, CFO Steve Manko sold 91,109 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.84, for a total transaction of $2,536,474.56. Following the completion of the sale, the chief financial officer directly owned 215,166 shares of the company’s stock, valued at approximately $5,990,221.44. This trade represents a 29.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 37.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently made changes to their positions in SKYT. Inspire Investing LLC boosted its holdings in shares of SkyWater Technology by 2.5% in the 4th quarter. Inspire Investing LLC now owns 25,460 shares of the company’s stock worth $462,000 after buying an additional 612 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in SkyWater Technology by 56.4% in the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company’s stock valued at $27,000 after acquiring an additional 991 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of SkyWater Technology by 10.7% during the 3rd quarter. NewEdge Advisors LLC now owns 10,350 shares of the company’s stock valued at $193,000 after acquiring an additional 1,000 shares during the period. Quarry LP purchased a new stake in shares of SkyWater Technology during the 4th quarter worth approximately $25,000. Finally, State of Wyoming bought a new stake in shares of SkyWater Technology in the 4th quarter worth approximately $35,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

About SkyWater Technology

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater’s service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.