SkyWater Technology (NASDAQ:SKYT) Issues Earnings Results, Misses Expectations By $0.02 EPS

SkyWater Technology (NASDAQ:SKYT) posted its quarterly earnings data on Wednesday. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02), FiscalAI reports. The company 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 4.96% and a net margin of 36.36%.

SkyWater Technology Trading Up 2.4%

NASDAQ SKYT traded up $0.68 during trading hours on Wednesday, hitting $28.80. 770,744 shares of the company’s stock were exchanged, compared to its average volume of 2,706,073. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 11.16 and a beta of 3.50. The stock has a 50-day simple moving average of $27.11 and a 200 day simple moving average of $19.52. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17. SkyWater Technology has a 1-year low of $5.67 and a 1-year high of $36.27.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SKYT shares. Needham & Company LLC lowered SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Piper Sandler cut 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 report on Monday, January 26th. Jefferies Financial Group raised SkyWater Technology to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th. Finally, Stifel Nicolaus set a $35.00 price target on shares of SkyWater Technology in a report on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $32.00.

Institutional Investors Weigh In On SkyWater Technology

A number of large investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in shares of SkyWater Technology in the 4th quarter valued at about $25,000. State of Wyoming bought a new position in SkyWater Technology in the fourth quarter worth approximately $35,000. Russell Investments Group Ltd. grew its stake in SkyWater Technology by 814.1% in the third quarter. Russell Investments Group Ltd. now owns 2,468 shares of the company’s stock valued at $46,000 after acquiring an additional 2,198 shares during the period. Federated Hermes Inc. bought a new stake in shares of SkyWater Technology during the second quarter valued at approximately $25,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of SkyWater Technology by 56.4% during the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company’s stock valued at $27,000 after acquiring an additional 991 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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.