Brokerages Set SkyWater Technology, Inc. (NASDAQ:SKYT) Target Price at $32.00

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) have been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $32.00.

A number of research analysts have issued reports on SKYT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a report on Friday, March 27th. Zacks Research raised shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th.

SkyWater Technology Trading Up 5.4%

NASDAQ SKYT opened at $36.85 on Thursday. The stock has a market capitalization of $1.81 billion, a P/E ratio of 15.82 and a beta of 3.32. SkyWater Technology has a 52-week low of $8.18 and a 52-week high of $39.93. The firm has a 50-day moving average price of $33.28 and a 200 day moving average price of $28.04. The company has a quick ratio of 0.44, a current ratio of 0.51 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The firm had revenue of $160.69 million for the quarter, compared to analysts’ expectations of $146.07 million. SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%. Equities research analysts expect that SkyWater Technology will post -0.42 EPS for the current year.

Insider Transactions at SkyWater Technology

In other SkyWater Technology news, CFO Steve Manko sold 91,109 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $27.84, for a total value of $2,536,474.56. Following the completion of the transaction, 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 filing with the SEC, which is accessible through the SEC website. Insiders have sold 250,324 shares of company stock valued at $7,728,453 over the last three months. Company insiders own 22.56% of the company’s stock.

Institutional Trading of SkyWater Technology

Several large investors have recently modified their holdings of SKYT. AQR Capital Management LLC grew its position in shares of SkyWater Technology by 112.0% in the first quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock valued at $2,226,000 after purchasing an additional 165,865 shares during the last quarter. Strs Ohio acquired a new stake in shares of SkyWater Technology in the first quarter valued at approximately $173,000. Creative Planning grew its position in shares of SkyWater Technology by 69.7% in the second quarter. Creative Planning now owns 34,283 shares of the company’s stock valued at $337,000 after purchasing an additional 14,085 shares during the last quarter. Rhumbline Advisers grew its position in shares of SkyWater Technology by 27.4% in the second quarter. Rhumbline Advisers now owns 47,643 shares of the company’s stock valued at $469,000 after purchasing an additional 10,246 shares during the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of SkyWater Technology in the second quarter valued at approximately $377,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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.