SkyWater Technology, Inc. (NASDAQ:SKYT – Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $36.74 and last traded at $36.6040, with a volume of 390226 shares changing hands. The stock had previously closed at $35.13.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a report on Friday, March 27th. Piper Sandler cut SkyWater Technology from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $17.00 to $35.00 in a report on Monday, January 26th. Stifel Nicolaus set a $35.00 price objective on SkyWater Technology in a report on Monday, January 26th. Finally, Craig Hallum cut SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.00.
Check Out Our Latest Stock Report on SKYT
SkyWater Technology Price Performance
SkyWater Technology (NASDAQ:SKYT – Get Free Report) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17). SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%.The business had revenue of $160.69 million for the quarter, compared to analyst estimates of $146.07 million. As a group, research analysts anticipate that SkyWater Technology, Inc. will post -0.42 earnings per share for the current year.
Insider Activity at SkyWater Technology
In other SkyWater Technology news, 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 value of $2,536,474.56. Following the completion of the transaction, the chief financial officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 250,324 shares of company stock worth $7,728,453. 37.85% of the stock is currently owned by insiders.
Hedge Funds Weigh In On SkyWater Technology
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in SkyWater Technology by 7.5% in the 1st quarter. Bank of America Corp DE now owns 117,856 shares of the company’s stock worth $3,230,000 after purchasing an additional 8,181 shares in the last quarter. California State Teachers Retirement System grew its position in shares of SkyWater Technology by 63.2% in the 1st quarter. California State Teachers Retirement System now owns 46,046 shares of the company’s stock valued at $1,262,000 after buying an additional 17,827 shares during the last quarter. Royal Bank of Canada grew its position in shares of SkyWater Technology by 26.7% in the 1st quarter. Royal Bank of Canada now owns 6,118 shares of the company’s stock valued at $168,000 after buying an additional 1,290 shares during the last quarter. Regal Partners Ltd bought a new stake in shares of SkyWater Technology in the 1st quarter valued at about $266,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of SkyWater Technology in the 1st quarter valued at about $266,000. Institutional investors and hedge funds own 70.00% of the company’s stock.
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.
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