SkyWater Technology (NASDAQ:SKYT) Shares Gap Up – Still a Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT) gapped up before the market opened on Tuesday . The stock had previously closed at $11.55, but opened at $12.09. SkyWater Technology shares last traded at $11.58, with a volume of 129,913 shares.

Analyst Upgrades and Downgrades

SKYT has been the subject of several research reports. Piper Sandler increased their price target on shares of SkyWater Technology from $9.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of SkyWater Technology in a research note on Monday, November 11th.

SkyWater Technology Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The stock has a market cap of $550.90 million, a PE ratio of -33.03 and a beta of 3.43. The business has a 50-day moving average price of $11.10 and a 200 day moving average price of $9.60.

SkyWater Technology (NASDAQ:SKYT) last issued its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.05. SkyWater Technology had a negative net margin of 4.75% and a negative return on equity of 12.40%. The firm had revenue of $93.82 million during the quarter, compared to analyst estimates of $94.65 million. During the same quarter last year, the business earned ($0.09) earnings per share. As a group, research analysts forecast that SkyWater Technology, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 7,761 shares of SkyWater Technology stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $9.27, for a total transaction of $71,944.47. Following the completion of the transaction, the director now owns 12,806,264 shares of the company’s stock, valued at $118,714,067.28. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in SkyWater Technology during the fourth quarter valued at $225,000. Barclays PLC grew its holdings in shares of SkyWater Technology by 167.0% during the third quarter. Barclays PLC now owns 47,204 shares of the company’s stock worth $429,000 after purchasing an additional 29,523 shares in the last quarter. Geode Capital Management LLC increased its position in shares of SkyWater Technology by 6.4% in 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 last quarter. State Street Corp raised its stake in SkyWater Technology by 4.7% in the third quarter. State Street Corp now owns 473,475 shares of the company’s stock valued at $4,299,000 after purchasing an additional 21,134 shares in the last quarter. Finally, Quarry LP bought a new stake in SkyWater Technology during the third quarter valued at approximately $35,000. 70.00% of the stock is currently owned by institutional investors.

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.