SkyWater Technology (NASDAQ:SKYT) Stock Price Up 6.4% on Analyst Upgrade

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) were up 6.4% during trading on Friday after Piper Sandler raised their price target on the stock from $9.00 to $12.00. Piper Sandler currently has an overweight rating on the stock. SkyWater Technology traded as high as $10.90 and last traded at $10.88. Approximately 103,491 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 392,571 shares. The stock had previously closed at $10.23.

Insider Transactions at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 2,673 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $10.00, for a total transaction of $26,730.00. Following the completion of the transaction, the director now directly owns 13,019,620 shares in the company, valued at $130,196,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 42.55% of the stock is currently owned by insiders.

Institutional Trading of SkyWater Technology

Several large investors have recently bought and sold shares of the business. Allworth Financial LP acquired a new position in SkyWater Technology during the third quarter worth about $41,000. nVerses Capital LLC acquired a new position in SkyWater Technology during the 3rd quarter worth approximately $60,000. The Manufacturers Life Insurance Company acquired a new position in SkyWater Technology during the 2nd quarter worth approximately $88,000. Allspring Global Investments Holdings LLC lifted its stake in SkyWater Technology by 98,866.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company’s stock valued at $91,000 after purchasing an additional 11,864 shares during the last quarter. Finally, Algert Global LLC acquired a new position in shares of SkyWater Technology in the second quarter valued at approximately $107,000. 70.00% of the stock is owned by institutional investors and hedge funds.

SkyWater Technology Trading Up 2.4 %

The company has a market cap of $496.23 million, a price-to-earnings ratio of -15.19 and a beta of 3.95. The business’s fifty day moving average price is $9.22 and its 200 day moving average price is $8.53. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.90 and a quick ratio of 0.79.

SkyWater Technology (NASDAQ:SKYT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.12. SkyWater Technology had a negative return on equity of 21.68% and a negative net margin of 7.88%. The company had revenue of $93.33 million for the quarter, compared to analyst estimates of $82.50 million. Research analysts anticipate that SkyWater Technology, Inc. will post -0.26 earnings per share for the current fiscal year.

About SkyWater Technology

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.