Brokerages Set SkyWater Technology, Inc. (NASDAQ:SKYT) Price Target at $32.00

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) have earned an average rating of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $32.00.

A number of research analysts recently commented on SKYT shares. 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 note on Tuesday, January 27th. Jefferies Financial Group upgraded shares of SkyWater Technology to a “hold” rating in a research report on Tuesday, October 28th. Piper Sandler lowered shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $17.00 to $35.00 in a research note on Monday, January 26th. TD Cowen cut SkyWater Technology from a “buy” rating to a “hold” rating and upped their price target for the stock from $24.00 to $35.00 in a research note on Tuesday, January 27th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th.

SkyWater Technology Trading Down 4.6%

NASDAQ:SKYT opened at $28.45 on Friday. SkyWater Technology has a 12 month low of $5.67 and a 12 month high of $36.27. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17. The firm’s 50 day moving average is $24.16 and its 200 day moving average is $17.69. The stock has a market capitalization of $1.38 billion, a PE ratio of 11.03 and a beta of 3.51.

SkyWater Technology (NASDAQ:SKYT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.41. The company had revenue of $150.74 million for the quarter, compared to analysts’ expectations of $135.50 million. SkyWater Technology had a net margin of 36.36% and a negative return on equity of 4.96%. Sell-side analysts expect that SkyWater Technology will post -0.22 earnings per share for the current year.

Insider Activity

In other news, Director Loren A. Unterseher sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $14.54, for a total transaction of $1,454,000.00. Following the sale, the director directly owned 4,487,394 shares in the company, valued at $65,246,708.76. This trade represents a 2.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Steve Manko sold 50,000 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $17.40, for a total transaction of $870,000.00. Following the transaction, the chief financial officer owned 277,122 shares of the company’s stock, valued at $4,821,922.80. This trade represents a 15.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 384,279 shares of company stock valued at $5,759,943 in the last 90 days. Company insiders own 37.85% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

A number of hedge funds have recently made changes to their positions in SKYT. Y Intercept Hong Kong Ltd purchased a new stake in SkyWater Technology during the 2nd quarter worth about $243,000. Federated Hermes Inc. lifted its stake in SkyWater Technology by 13,712.9% during the third quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock worth $6,477,000 after purchasing an additional 344,606 shares during the last quarter. Perkins Capital Management Inc. boosted its holdings in 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 purchasing an additional 78,800 shares in the last quarter. Emerald Advisers LLC boosted its holdings in 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 in the last quarter. Finally, Squarepoint Ops LLC increased its stake in SkyWater Technology by 405.4% in the second quarter. Squarepoint Ops LLC now owns 87,290 shares of the company’s stock valued at $859,000 after purchasing an additional 70,019 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

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.