SkyWater Technology (NASDAQ:SKYT) Rating Increased to Hold at Zacks Investment Research

SkyWater Technology (NASDAQ:SKYTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “

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

SKYT opened at $4.56 on Wednesday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.19 and a current ratio of 1.35. The company has a market cap of $183.81 million and a price-to-earnings ratio of -2.73. SkyWater Technology has a one year low of $4.43 and a one year high of $36.80. The business’s fifty day moving average is $7.93 and its two-hundred day moving average is $12.02.

SkyWater Technology (NASDAQ:SKYTGet Rating) last issued its quarterly earnings data on Tuesday, February 22nd. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.07. The firm had revenue of $38.53 million for the quarter, compared to analysts’ expectations of $36.10 million. SkyWater Technology had a negative net margin of 39.60% and a negative return on equity of 78.19%. On average, analysts predict 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 SkyWater Technology stock in a transaction that occurred on Tuesday, March 8th. The shares were sold at an average price of $10.25, for a total transaction of $258,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Sonderman sold 9,192 shares of the stock in a transaction on Monday, May 9th. The stock was sold at an average price of $5.74, for a total transaction of $52,762.08. Following the completion of the sale, the chief executive officer now directly owns 538,536 shares of the company’s stock, valued at approximately $3,091,196.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,203 shares of company stock worth $321,457.

Several institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley acquired a new stake in shares of SkyWater Technology in the second quarter valued at about $134,000. Raymond James & Associates purchased a new stake in shares of SkyWater Technology during the third quarter valued at approximately $223,000. Advisor Group Holdings Inc. lifted its position in shares of SkyWater Technology by 67.9% during the third quarter. Advisor Group Holdings Inc. now owns 2,241 shares of the company’s stock worth $61,000 after purchasing an additional 906 shares in the last quarter. BlackRock Inc. boosted its stake in shares of SkyWater Technology by 3.2% in the third quarter. BlackRock Inc. now owns 1,263,775 shares of the company’s stock valued at $34,374,000 after purchasing an additional 39,175 shares during the period. Finally, Citigroup Inc. grew its holdings in SkyWater Technology by 99.6% during the 3rd quarter. Citigroup Inc. now owns 954 shares of the company’s stock valued at $26,000 after purchasing an additional 476 shares in the last quarter. Institutional investors own 17.24% of the company’s stock.

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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