SkyWater Technology (NASDAQ:SKYT) Shares Down 3.8% – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT)’s share price fell 3.8% on Friday . The company traded as low as $19.24 and last traded at $19.24. 290,506 shares changed hands during trading, a decline of 68% from the average session volume of 913,667 shares. The stock had previously closed at $20.00.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen upgraded SkyWater Technology from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Needham & Company LLC lifted their target price on SkyWater Technology from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SkyWater Technology in a research report on Saturday, September 27th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

SkyWater Technology Trading Down 8.1%

The stock has a market cap of $885.07 million, a price-to-earnings ratio of -54.03 and a beta of 3.51. The firm’s 50 day moving average is $12.46 and its two-hundred day moving average is $9.86. The company has a quick ratio of 0.97, a current ratio of 1.06 and a debt-to-equity ratio of 0.68.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, CFO Steve Manko sold 60,829 shares of the firm’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $17.40, for a total value of $1,058,424.60. Following the sale, the chief financial officer owned 327,122 shares in the company, valued at approximately $5,691,922.80. This trade represents a 15.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Sonderman sold 8,355 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $10.58, for a total transaction of $88,395.90. Following the completion of the sale, the chief executive officer owned 532,174 shares in the company, valued at $5,630,400.92. The trade was a 1.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,402,446 shares of company stock worth $41,689,461. 37.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently made changes to their positions in SKYT. Emerald Advisers LLC increased its stake 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. Nuveen LLC bought a new position in shares of SkyWater Technology in the first quarter valued at approximately $1,919,000. Ameriprise Financial Inc. boosted its holdings in shares of SkyWater Technology by 15.7% in the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company’s stock valued at $16,660,000 after acquiring an additional 229,954 shares in the last quarter. AQR Capital Management LLC boosted 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 acquiring an additional 165,865 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted 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 acquiring an additional 111,847 shares in the last quarter. Institutional investors and hedge funds 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.