SkyWater Technology (NASDAQ:SKYT) Price Target Cut to $12.00 by Analysts at Needham & Company LLC

SkyWater Technology (NASDAQ:SKYT) had its price objective lowered by equities researchers at Needham & Company LLC from $15.00 to $12.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 21.58% from the stock’s previous close.

A number of other brokerages have also recently commented on SKYT. Piper Sandler increased their target price on SkyWater Technology from $9.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. TD Cowen increased their price objective on SkyWater Technology from $12.00 to $15.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th.

SkyWater Technology Trading Down 5.8 %

SKYT stock opened at $9.87 on Thursday. The firm has a market cap of $467.25 million, a P/E ratio of -14.73 and a beta of 4.18. SkyWater Technology has a 52-week low of $4.73 and a 52-week high of $12.97. The company has a quick ratio of 0.91, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The company’s 50-day simple moving average is $10.18 and its 200-day simple moving average is $8.82.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings results on Monday, February 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.12. SkyWater Technology had a negative net margin of 10.73% and a negative return on equity of 30.58%. The firm had revenue of $79.15 million for the quarter, compared to analysts’ expectations of $74.90 million. As a group, equities analysts forecast that SkyWater Technology will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 368,709 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $12.14, for a total transaction of $4,476,127.26. Following the transaction, the director now owns 13,022,293 shares of the company’s stock, valued at $158,090,637.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Loren A. Unterseher sold 368,709 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $12.14, for a total transaction of $4,476,127.26. Following the completion of the sale, the director now directly owns 13,022,293 shares in the company, valued at $158,090,637.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Loren A. Unterseher sold 10,520 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $11.50, for a total transaction of $120,980.00. Following the completion of the transaction, the director now owns 13,441,773 shares in the company, valued at $154,580,389.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 398,218 shares of company stock worth $4,787,187. Insiders own 42.55% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. acquired a new stake in shares of SkyWater Technology during the 3rd quarter worth about $485,000. Barclays PLC increased its position in shares of SkyWater Technology by 549.4% during the third quarter. Barclays PLC now owns 22,807 shares of the company’s stock valued at $137,000 after acquiring an additional 19,295 shares during the last quarter. Kestra Private Wealth Services LLC purchased a new stake in shares of SkyWater Technology in the 3rd quarter valued at approximately $72,000. Gamco Investors INC. ET AL lifted its holdings in shares of SkyWater Technology by 280.3% in the 3rd quarter. Gamco Investors INC. ET AL now owns 53,050 shares of the company’s stock worth $319,000 after acquiring an additional 39,100 shares during the last quarter. Finally, Gabelli Funds LLC boosted its position in shares of SkyWater Technology by 151.8% during the 3rd quarter. Gabelli Funds LLC now owns 59,927 shares of the company’s stock worth $361,000 after purchasing an additional 36,130 shares during the period. 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.