SkyWater Technology (NASDAQ:SKYT) Shares Up 6.5% – What’s Next?

SkyWater Technology, Inc. (NASDAQ:SKYT)’s stock price shot up 6.5% on Friday . The stock traded as high as $10.66 and last traded at $10.65. 166,616 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 750,690 shares. The stock had previously closed at $10.00.

Wall Street Analyst Weigh In

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

SkyWater Technology Trading Up 6.3 %

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 firm has a 50-day moving average price of $11.35 and a 200-day moving average price of $9.70. The company has a market capitalization of $506.72 million, a price-to-earnings ratio of -30.47 and a beta of 3.43.

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

Insider Buying and Selling

In other news, Director Loren A. Unterseher sold 7,761 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 12,806,264 shares of the company’s stock, valued at $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new position in shares of SkyWater Technology in the second quarter worth approximately $195,000. Squarepoint Ops LLC acquired a new position in SkyWater Technology in the 2nd quarter worth approximately $161,000. AQR Capital Management LLC grew its position in SkyWater Technology by 183.6% during the 2nd 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. The Manufacturers Life Insurance Company acquired a new stake in SkyWater Technology during the 2nd quarter valued at $88,000. Finally, Algert Global LLC purchased a new stake in shares of SkyWater Technology in the second quarter valued at $107,000. 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.