SkyWater Technology (NASDAQ:SKYT) Shares Gap Down After Insider Selling

SkyWater Technology, Inc. (NASDAQ:SKYT) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $15.30, but opened at $14.34. SkyWater Technology shares last traded at $14.96, with a volume of 167,807 shares.

Specifically, CFO Steve Manko sold 43,383 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $15.13, for a total transaction of $656,384.79. Following the completion of the transaction, the chief financial officer owned 368,407 shares in the company, valued at $5,573,997.91. The trade was a 10.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Loren A. Unterseher sold 120,000 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $13.10, for a total value of $1,572,000.00. Following the transaction, the director owned 7,051,626 shares of the company’s stock, valued at $92,376,300.60. This represents a 1.67% decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

SKYT has been the subject of a number of analyst reports. Wall Street Zen upgraded SkyWater Technology from a “sell” rating to a “hold” rating in a research report on Friday, September 5th. Needham & Company LLC increased their price target on SkyWater Technology from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $13.00.

SkyWater Technology Trading Up 0.7%

The business’s 50 day moving average is $11.46 and its two-hundred day moving average is $9.40. The company has a quick ratio of 0.97, a current ratio of 1.06 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $741.97 million, a P/E ratio of -45.29 and a beta of 3.41.

Institutional Trading of SkyWater Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. bought a new position in SkyWater Technology during the fourth quarter valued at about $191,000. BNP Paribas Financial Markets bought a new position in SkyWater Technology during the fourth quarter valued at about $50,000. Bank of America Corp DE boosted its stake in SkyWater Technology by 394.2% during the fourth quarter. Bank of America Corp DE now owns 163,645 shares of the company’s stock valued at $2,258,000 after buying an additional 130,529 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in SkyWater Technology by 414.5% during the fourth quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company’s stock valued at $3,836,000 after buying an additional 223,940 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in SkyWater Technology during the fourth quarter valued at about $188,000. 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.