SkyWater Technology (NASDAQ:SKYT) Stock Price Down 5.5% – Time to Sell?

SkyWater Technology, Inc. (NASDAQ:SKYT) fell 5.5% during mid-day trading on Wednesday . The stock traded as low as $10.38 and last traded at $10.39. 216,575 shares were traded during mid-day trading, a decline of 45% from the average session volume of 393,404 shares. The stock had previously closed at $11.00.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their price target on SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th.

SkyWater Technology Price Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.79 and a current ratio of 0.90. The firm has a market cap of $497.11 million, a PE ratio of -19.24 and a beta of 3.95. The stock has a 50 day simple moving average of $9.26 and a two-hundred day simple moving average of $8.54.

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

Insider Activity at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 2,673 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $10.00, for a total transaction of $26,730.00. Following the transaction, the director now owns 13,019,620 shares in the company, valued at approximately $130,196,200. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 42.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Lountzis Asset Management LLC purchased a new position in shares of SkyWater Technology in the second quarter valued at approximately $2,212,000. AQR Capital Management LLC lifted its holdings in SkyWater Technology by 183.6% in the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock valued at $917,000 after purchasing an additional 77,571 shares in the last quarter. Inspire Investing LLC purchased a new position in shares of SkyWater Technology in the third quarter worth about $418,000. Baillie Gifford & Co. raised its holdings in SkyWater Technology by 4.4% in the 2nd quarter. Baillie Gifford & Co. now owns 1,007,449 shares of the company’s stock valued at $7,707,000 after acquiring an additional 42,649 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of SkyWater Technology during the 2nd quarter worth approximately $195,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

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.