SkyWater Technology (NASDAQ:SKYT) Sets New 52-Week High – Here’s What Happened

SkyWater Technology, Inc. (NASDAQ:SKYT) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $36.38 and last traded at $35.96, with a volume of 943475 shares trading hands. The stock had previously closed at $34.90.

Wall Street Analyst Weigh In

SKYT has been the topic of several analyst reports. Needham & Company LLC cut SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Friday, March 27th. Stifel Nicolaus set a $35.00 price objective on SkyWater Technology in a research note on Monday, January 26th. Zacks Research raised SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Craig Hallum lowered SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. 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 given a Sell rating to the company. According to MarketBeat, SkyWater Technology currently has an average rating of “Hold” and a consensus price target of $32.00.

SkyWater Technology Stock Down 3.1%

The stock has a market cap of $1.71 billion, a PE ratio of 14.29 and a beta of 3.30. The firm has a fifty day moving average of $30.43 and a 200 day moving average of $25.78. The company has a quick ratio of 0.52, a current ratio of 0.51 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The business had revenue of $160.69 million during the quarter, compared to analysts’ expectations of $146.07 million. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 9.03%. On average, equities research analysts anticipate that SkyWater Technology, Inc. will post -0.42 EPS for the current fiscal year.

Insider Activity

In other SkyWater Technology news, CFO Steve Manko sold 91,109 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.84, for a total transaction of $2,536,474.56. Following the transaction, the chief financial officer 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 250,324 shares of company stock worth $7,728,453 over the last 90 days. Company insiders own 37.85% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Several hedge funds have recently made changes to their positions in SKYT. AQR Capital Management LLC grew its holdings in shares of SkyWater Technology by 112.0% during the first quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock worth $2,226,000 after purchasing an additional 165,865 shares during the last quarter. Strs Ohio purchased a new position in shares of SkyWater Technology during the first quarter worth about $173,000. Creative Planning grew its holdings in shares of SkyWater Technology by 69.7% during the second quarter. Creative Planning now owns 34,283 shares of the company’s stock worth $337,000 after purchasing an additional 14,085 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of SkyWater Technology by 27.4% during the second quarter. Rhumbline Advisers now owns 47,643 shares of the company’s stock worth $469,000 after purchasing an additional 10,246 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in shares of SkyWater Technology during the second quarter worth about $377,000. 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.