SkyWater Technology (NASDAQ:SKYT) Upgraded by Zacks Investment Research to “Hold”

SkyWater Technology (NASDAQ:SKYTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “SkyWater Technology is a pure play semiconductor foundry and is a supplier which specializes in custom technology development services, volume manufacturing and advanced packaging capabilities. SkyWater Technology is based in BLOOMINGTON, Minn. “

A number of other brokerages have also recently commented on SKYT. Cowen cut their target price on shares of SkyWater Technology from $25.00 to $20.00 in a report on Thursday, February 24th. Craig Hallum began coverage on shares of SkyWater Technology in a report on Tuesday, April 26th. They issued a “buy” rating and a $10.00 target price on the stock. Piper Sandler cut their target price on shares of SkyWater Technology from $15.00 to $10.00 in a report on Wednesday, May 4th. Finally, Needham & Company LLC cut their target price on shares of SkyWater Technology from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, February 24th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SkyWater Technology presently has an average rating of “Buy” and an average price target of $15.60.

Shares of NASDAQ:SKYT traded down $0.07 during trading on Wednesday, hitting $5.44. 1,803 shares of the company were exchanged, compared to its average volume of 209,583. The stock has a market capitalization of $217.08 million and a PE ratio of -3.26. The company has a quick ratio of 1.19, a current ratio of 1.56 and a debt-to-equity ratio of 0.97. SkyWater Technology has a 12-month low of $5.50 and a 12-month high of $36.80. The company has a 50 day moving average of $8.75.

SkyWater Technology (NASDAQ:SKYTGet Rating) last issued its quarterly earnings data on Tuesday, February 22nd. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.07. The business had revenue of $38.53 million during the quarter, compared to the consensus estimate of $36.10 million. SkyWater Technology had a negative net margin of 39.60% and a negative return on equity of 70.23%. As a group, analysts forecast that SkyWater Technology will post -1.33 EPS for the current fiscal year.

In other SkyWater Technology news, CFO Steve Manko sold 25,200 shares of the business’s stock in a transaction on Tuesday, March 8th. The shares were sold at an average price of $10.25, for a total value of $258,300.00. The sale was disclosed in a legal filing with the SEC, which is available through this link.

A number of institutional investors and hedge funds have recently made changes to their positions in SKYT. BlackRock Inc. boosted its position in shares of SkyWater Technology by 11.1% during the 4th quarter. BlackRock Inc. now owns 1,404,107 shares of the company’s stock worth $22,775,000 after purchasing an additional 140,332 shares in the last quarter. Emerald Advisers LLC boosted its position in shares of SkyWater Technology by 15.2% during the 1st quarter. Emerald Advisers LLC now owns 998,983 shares of the company’s stock worth $10,819,000 after purchasing an additional 131,472 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of SkyWater Technology by 2.6% during the 3rd quarter. Macquarie Group Ltd. now owns 919,025 shares of the company’s stock worth $24,997,000 after purchasing an additional 23,134 shares in the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in shares of SkyWater Technology by 46.7% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 890,876 shares of the company’s stock worth $14,450,000 after purchasing an additional 283,753 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of SkyWater Technology during the 4th quarter worth $6,968,000. 17.24% of the stock is currently owned by institutional investors.

About SkyWater Technology (Get Rating)

SkyWater Technology, Inc, together with its subsidiaries, provides semiconductor development and manufacturing services. 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, power discrete, microelectromechanical systems, and rad-hard integrated circuits.

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