SkyWater Technology (NASDAQ:SKYT) Hits New 1-Year High – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT) shares reached a new 52-week high on Thursday . The company traded as high as $36.74 and last traded at $36.6040, with a volume of 390226 shares traded. The stock had previously closed at $35.13.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SKYT. Zacks Research upgraded shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Piper Sandler lowered shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $17.00 to $35.00 in a research note on Monday, January 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Friday, March 27th. TD Cowen lowered shares of SkyWater Technology from a “buy” rating to a “hold” rating and increased their price objective for the company from $24.00 to $35.00 in a research note on Tuesday, January 27th. Finally, Craig Hallum lowered shares of SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $32.00.

SkyWater Technology Stock Performance

The company’s 50 day simple moving average is $31.11 and its 200 day simple moving average is $26.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.44 and a current ratio of 0.51. The stock has a market cap of $1.83 billion, a PE ratio of 15.97 and a beta of 3.30.

SkyWater Technology (NASDAQ:SKYT) last issued 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). SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%.The company had revenue of $160.69 million for the quarter, compared to analysts’ expectations of $146.07 million. Analysts expect that SkyWater Technology, Inc. will post -0.42 earnings per share for the current year.

Insider Activity

In other news, CFO Steve Manko sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $35.08, for a total transaction of $2,631,000.00. Following the completion of the sale, the chief financial officer owned 96,567 shares in the company, valued at $3,387,570.36. This trade represents a 43.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 250,324 shares of company stock worth $7,728,453. Company insiders own 37.85% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of SkyWater Technology by 7.5% during the 1st quarter. Bank of America Corp DE now owns 117,856 shares of the company’s stock worth $3,230,000 after purchasing an additional 8,181 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of SkyWater Technology by 63.2% during the 1st quarter. California State Teachers Retirement System now owns 46,046 shares of the company’s stock worth $1,262,000 after purchasing an additional 17,827 shares during the last quarter. Royal Bank of Canada increased its stake in shares of SkyWater Technology by 26.7% during the 1st quarter. Royal Bank of Canada now owns 6,118 shares of the company’s stock worth $168,000 after purchasing an additional 1,290 shares during the last quarter. Regal Partners Ltd purchased a new stake in shares of SkyWater Technology during the 1st quarter worth approximately $266,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of SkyWater Technology during the 1st quarter worth approximately $266,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

SkyWater Technology Company Profile

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.