SkyWater Technology, Inc. (NASDAQ:SKYT) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) have been given an average recommendation of “Reduce” by the eight brokerages that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $32.00.

SKYT has been the subject of a number of recent analyst reports. Craig Hallum lowered SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price objective for the company. in a research note on Tuesday, January 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th. Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. TD Cowen downgraded 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, Piper Sandler cut shares of 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 research report on Monday, January 26th.

SkyWater Technology Stock Down 0.5%

SKYT opened at $27.54 on Friday. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 11.33 and a beta of 3.52. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 0.60. The firm’s fifty day moving average is $29.98 and its 200 day moving average is $21.50. SkyWater Technology has a fifty-two week low of $5.67 and a fifty-two week high of $36.27.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). The business had revenue of $171.04 million during the quarter, compared to analysts’ expectations of $160.05 million. SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The company’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. On average, sell-side analysts forecast that SkyWater Technology will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Steve Manko sold 91,109 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $27.84, for a total transaction of $2,536,474.56. Following the completion of the transaction, the chief financial officer directly owned 215,166 shares of the company’s stock, valued at approximately $5,990,221.44. This trade represents a 29.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 37.85% of the company’s stock.

Institutional Trading of SkyWater Technology

Several hedge funds have recently bought and sold shares of SKYT. Vanguard Group Inc. boosted its holdings in shares of SkyWater Technology by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company’s stock valued at $38,200,000 after purchasing an additional 94,948 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SkyWater Technology by 9.1% in the third quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company’s stock worth $34,453,000 after purchasing an additional 153,299 shares during the last quarter. Erste Asset Management GmbH lifted its position in shares of SkyWater Technology by 21.7% in the third quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company’s stock worth $25,508,000 after buying an additional 250,000 shares in the last quarter. State Street Corp lifted its position in shares of SkyWater Technology by 134.1% in the fourth quarter. State Street Corp now owns 1,210,673 shares of the company’s stock worth $21,986,000 after buying an additional 693,470 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in SkyWater Technology by 3,396.4% during the third quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock valued at $14,468,000 after buying an additional 753,188 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

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.