SkyWater Technology (NASDAQ:SKYT) Shares Gap Up After Analyst Upgrade

SkyWater Technology, Inc. (NASDAQ:SKYT) gapped up prior to trading on Thursday after Needham & Company LLC raised their price target on the stock from $15.00 to $20.00. The stock had previously closed at $14.71, but opened at $18.06. Needham & Company LLC currently has a buy rating on the stock. SkyWater Technology shares last traded at $16.4910, with a volume of 2,158,965 shares changing hands.

Several other research analysts have also weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SkyWater Technology in a research report on Wednesday, October 8th. TD Cowen increased their price objective on SkyWater Technology from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday. Jefferies Financial Group upgraded SkyWater Technology to a “hold” rating in a research report on Tuesday, October 28th. Wall Street Zen raised shares of SkyWater Technology from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Finally, Stifel Nicolaus started coverage on shares of SkyWater Technology in a research note on Tuesday, October 21st. They issued a “buy” rating and a $25.00 target price for the company. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Insider Activity

In other SkyWater Technology news, Director Loren A. Unterseher sold 756,516 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $12.06, for a total transaction of $9,123,582.96. Following the transaction, the director owned 8,161,012 shares in the company, valued at $98,421,804.72. This represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 3,402,446 shares of company stock worth $41,689,461. Corporate insiders own 37.85% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

A number of hedge funds have recently bought and sold shares of SKYT. Ameriprise Financial Inc. increased its stake in SkyWater Technology by 15.7% in the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company’s stock valued at $16,660,000 after purchasing an additional 229,954 shares in the last quarter. Emerald Advisers LLC raised its position in SkyWater Technology by 36.2% in the second quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company’s stock worth $13,412,000 after acquiring an additional 362,267 shares during the period. Emerald Mutual Fund Advisers Trust raised its position in shares of SkyWater Technology by 1.5% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 725,120 shares of the company’s stock valued at $13,531,000 after purchasing an additional 10,976 shares during the period. Federated Hermes Inc. increased its holdings in SkyWater Technology by 13,712.9% during the 3rd quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock worth $6,477,000 after acquiring an additional 344,606 shares during the period. Finally, AQR Capital Management LLC grew its stake in SkyWater Technology by 112.0% in the 1st quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock worth $2,226,000 after buying an additional 165,865 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

SkyWater Technology Stock Up 13.0%

The company has a market cap of $800.90 million, a PE ratio of -48.64 and a beta of 3.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.97 and a current ratio of 1.06. The stock’s 50 day moving average price is $15.20 and its 200-day moving average price is $11.50.

SkyWater Technology Company Profile

SkyWater Technology, Inc, together with its subsidiaries, operates as a pure-play technology foundry that engages in the provision of semiconductor development, manufacturing, and packaging services in the United States. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, micro-electromechanical systems, and rad-hard integrated circuits.