SkyWater Technology (NASDAQ:SKYT) Price Target Raised to $15.00

SkyWater Technology (NASDAQ:SKYT) had its target price boosted by Needham & Company LLC from $11.00 to $15.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

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

SkyWater Technology Trading Up 9.6%

Shares of NASDAQ:SKYT opened at $14.08 on Thursday. The business’s 50-day moving average is $9.81 and its 200 day moving average is $8.83. SkyWater Technology has a 1 year low of $5.67 and a 1 year high of $19.00. The firm has a market capitalization of $676.26 million, a P/E ratio of -41.41 and a beta of 3.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 1.07.

Insider Activity

In other news, CEO Thomas Sonderman sold 14,958 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $10.04, for a total value of $150,178.32. Following the transaction, the chief executive officer directly owned 565,465 shares of the company’s stock, valued at approximately $5,677,268.60. This represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Loren A. Unterseher sold 366,418 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $9.54, for a total value of $3,495,627.72. Following the completion of the transaction, 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. Insiders have sold a total of 729,982 shares of company stock worth $6,933,545 over the last ninety days. 37.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of SkyWater Technology by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 1,448,738 shares of the company’s stock valued at $19,993,000 after purchasing an additional 40,060 shares during the period. Emerald Advisers LLC increased its holdings in shares of SkyWater Technology by 36.2% in the second quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company’s stock valued at $13,412,000 after purchasing an additional 362,267 shares during the period. Emerald Mutual Fund Advisers Trust increased its holdings in shares of SkyWater Technology by 18.6% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 714,144 shares of the company’s stock valued at $7,027,000 after purchasing an additional 111,847 shares during the period. AQR Capital Management LLC increased its holdings in shares of SkyWater Technology by 112.0% in the first quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock valued at $2,226,000 after purchasing an additional 165,865 shares during the period. Finally, Lountzis Asset Management LLC boosted its stake in shares of SkyWater Technology by 1.6% in the first quarter. Lountzis Asset Management LLC now owns 291,940 shares of the company’s stock worth $2,146,000 after buying an additional 4,618 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

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.