Insider Selling: SkyWater Technology (NASDAQ:SKYT) CFO Sells $2,536,474.56 in Stock

SkyWater Technology, Inc. (NASDAQ:SKYT) CFO Steve Manko sold 91,109 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.84, for a total transaction of $2,536,474.56. Following the sale, the chief financial officer directly owned 215,166 shares of the company’s stock, valued at $5,990,221.44. This represents a 29.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

SkyWater Technology Price Performance

SKYT stock opened at $27.54 on Friday. The company’s 50-day moving average price is $29.98 and its two-hundred day moving average price is $21.50. The firm has a market cap of $1.32 billion, a P/E ratio of 11.33 and a beta of 3.52. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. SkyWater Technology, Inc. has a 12 month low of $5.67 and a 12 month high of $36.27.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly 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 firm had revenue of $171.04 million for the quarter, compared to the consensus estimate of $160.05 million. SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The business’s revenue was up 13.5% on a year-over-year basis. During the same period last year, the company posted $0.04 EPS. On average, analysts anticipate that SkyWater Technology, Inc. will post -0.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. boosted its stake in shares of SkyWater Technology by 13,712.9% during the third quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock valued at $6,477,000 after purchasing an additional 344,606 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of SkyWater Technology by 44,565.1% in the third quarter. Quantbot Technologies LP now owns 94,690 shares of the company’s stock valued at $1,767,000 after buying an additional 94,478 shares during the period. Perkins Capital Management Inc. increased its stake in shares of SkyWater Technology by 86.4% in the third quarter. Perkins Capital Management Inc. now owns 170,050 shares of the company’s stock valued at $3,173,000 after buying an additional 78,800 shares during the period. Principal Financial Group Inc. bought a new position in SkyWater Technology in the 3rd quarter valued at approximately $752,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in SkyWater Technology during the 3rd quarter worth approximately $4,004,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on SKYT shares. TD Cowen downgraded SkyWater Technology from a “buy” rating to a “hold” rating and raised their target price for the company from $24.00 to $35.00 in a report on Tuesday, January 27th. Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a report on Monday, January 26th. Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th. Finally, Craig Hallum cut SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a research report on Tuesday, January 27th. 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 company. According to MarketBeat.com, SkyWater Technology has an average rating of “Reduce” and an average target price of $32.00.

About SkyWater Technology

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.