SkyWater Technology (NASDAQ:SKYT) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of SkyWater Technology (NASDAQ:SKYT) from a hold rating to a strong sell rating in a research report report published on Wednesday morning,Zacks.com reports.

SKYT has been the topic of a number of other research reports. TD Cowen downgraded SkyWater Technology from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $24.00 to $35.00 in a research report on Tuesday, January 27th. Stifel Nicolaus set a $35.00 target price on SkyWater Technology in a research note on Monday, January 26th. Piper Sandler lowered SkyWater Technology from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $17.00 to $35.00 in a report on Monday, January 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of SkyWater Technology in a report on Monday, December 29th. Finally, Needham & Company LLC cut shares of SkyWater Technology from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $32.00.

SkyWater Technology Stock Down 1.0%

Shares of NASDAQ SKYT opened at $28.92 on Wednesday. The stock has a market cap of $1.40 billion, a PE ratio of 11.90 and a beta of 3.52. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17. SkyWater Technology has a 12-month low of $5.67 and a 12-month high of $36.27. The company has a 50-day moving average of $29.09 and a 200 day moving average of $20.38.

SkyWater Technology (NASDAQ:SKYT) last released its earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). The business had revenue of $171.04 million during the quarter, compared to analysts’ expectations of $160.05 million. SkyWater Technology had a negative return on equity of 8.42% and a net margin of 26.90%.The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the business earned $0.04 earnings per share. As a group, sell-side analysts predict that SkyWater Technology will post -0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On SkyWater Technology

Several large investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in SkyWater Technology in the fourth quarter valued at approximately $25,000. Federated Hermes Inc. purchased a new position in shares of SkyWater Technology during the second quarter worth $25,000. BNP Paribas Financial Markets grew its stake in shares of SkyWater Technology by 56.4% in the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company’s stock valued at $27,000 after buying an additional 991 shares in the last quarter. State of Wyoming purchased a new stake in shares of SkyWater Technology in the 4th quarter valued at $35,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of SkyWater Technology by 814.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,468 shares of the company’s stock valued at $46,000 after buying an additional 2,198 shares during the period. 70.00% of the stock is currently owned by institutional investors and hedge funds.

SkyWater Technology Company Profile

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater’s service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.