SkyWater Technology (NASDAQ:SKYT) Shares Gap Up on Analyst Upgrade

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) gapped up prior to trading on Thursday after Needham & Company LLC raised their price target on the stock from $11.00 to $15.00. The stock had previously closed at $8.87, but opened at $11.24. Needham & Company LLC currently has a buy rating on the stock. SkyWater Technology shares last traded at $12.01, with a volume of 915,267 shares trading hands.

Separately, TD Cowen reduced their price target on shares of SkyWater Technology from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th.

Insider Buying and Selling

In other news, CEO Thomas Sonderman sold 14,958 shares of the business’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $10.04, for a total transaction of $150,178.32. Following the sale, the chief executive officer owned 565,465 shares in the company, valued at approximately $5,677,268.60. The trade was a 2.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Loren A. Unterseher sold 366,418 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $9.54, for a total transaction of $3,495,627.72. Following the completion of the sale, the director directly owned 10,660,365 shares in the company, valued at $101,699,882.10. This represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 729,982 shares of company stock valued at $6,933,545. 37.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

A number of hedge funds have recently bought and sold shares of the company. Summit Investment Advisors Inc. grew its holdings in shares of SkyWater Technology by 64.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,849 shares of the company’s stock valued at $39,000 after buying an additional 1,113 shares during the last quarter. Financial Management Professionals Inc. purchased a new position in SkyWater Technology in the second quarter worth about $32,000. BNP Paribas Financial Markets bought a new stake in SkyWater Technology during the fourth quarter valued at approximately $50,000. GAMMA Investing LLC grew its position in shares of SkyWater Technology by 941.3% during the 1st quarter. GAMMA Investing LLC now owns 4,613 shares of the company’s stock valued at $33,000 after acquiring an additional 4,170 shares during the period. Finally, CWM LLC increased its stake in shares of SkyWater Technology by 320.2% in the 1st quarter. CWM LLC now owns 5,719 shares of the company’s stock worth $41,000 after purchasing an additional 4,358 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

SkyWater Technology Price Performance

The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 0.57. The stock has a market cap of $617.25 million, a P/E ratio of -37.79 and a beta of 3.38. The firm has a 50 day moving average price of $9.71 and a 200 day moving average price of $8.83.

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.