SkyWater Technology (NASDAQ:SKYT) Shares Down 7.1% – Here’s Why

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) fell 7.1% during mid-day trading on Monday . The stock traded as low as $12.77 and last traded at $12.77. 346,425 shares were traded during trading, a decline of 27% from the average session volume of 475,419 shares. The stock had previously closed at $13.75.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SKYT. Needham & Company LLC restated a “buy” rating and issued a $12.00 price objective on shares of SkyWater Technology in a report on Monday, November 11th. Piper Sandler upped their price target on shares of SkyWater Technology from $9.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, October 25th.

SkyWater Technology Trading Up 12.8 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87. The firm has a market capitalization of $703.40 million, a P/E ratio of -42.17 and a beta of 3.72. The firm has a 50 day moving average price of $9.71 and a two-hundred day moving average price of $8.81.

Insider Activity at SkyWater Technology

In related news, Director Loren A. Unterseher sold 7,761 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $9.27, for a total value of $71,944.47. Following the completion of the sale, the director now owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 42.55% of the stock is currently owned by corporate insiders.

Institutional Trading of SkyWater Technology

A number of hedge funds have recently modified their holdings of the business. Lountzis Asset Management LLC purchased a new stake in SkyWater Technology in the 2nd quarter worth about $2,212,000. AQR Capital Management LLC lifted its position in shares of SkyWater Technology by 183.6% in the second quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock worth $917,000 after purchasing an additional 77,571 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of SkyWater Technology during the third quarter worth approximately $418,000. Geode Capital Management LLC boosted its holdings in shares of SkyWater Technology by 6.4% during the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company’s stock worth $5,330,000 after purchasing an additional 35,219 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in SkyWater Technology by 20.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 199,318 shares of the company’s stock valued at $1,810,000 after purchasing an additional 34,383 shares in the last quarter. Hedge funds and other institutional investors 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.