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

SkyWater Technology, Inc. (NASDAQ:SKYT) has been given an average recommendation of “Hold” by the eight analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $32.00.

A number of equities research analysts have weighed in on SKYT shares. Zacks Research raised SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a report on Wednesday.

Insiders Place Their Bets

In other SkyWater Technology news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $35.08, for a total value of $2,631,000.00. Following the sale, the chief financial officer owned 96,567 shares of the company’s stock, valued at approximately $3,387,570.36. The trade was a 43.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 22.56% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake 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 worth $38,200,000 after purchasing an additional 94,948 shares during the period. Ameriprise Financial Inc. grew its stake in shares of SkyWater Technology by 9.1% during the 3rd 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 period. State Street Corp grew its stake in shares of SkyWater Technology by 134.1% during the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock worth $21,986,000 after purchasing an additional 693,470 shares during the period. Millennium Management LLC grew its stake in shares of SkyWater Technology by 3,396.4% during the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock worth $14,468,000 after purchasing an additional 753,188 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of SkyWater Technology by 10.9% during the 4th quarter. Geode Capital Management LLC now owns 710,132 shares of the company’s stock worth $12,897,000 after purchasing an additional 69,656 shares during the period. 70.00% of the stock is owned by institutional investors and hedge funds.

SkyWater Technology Stock Performance

Shares of SKYT stock opened at $34.92 on Monday. The stock has a market capitalization of $1.72 billion, a PE ratio of 14.99 and a beta of 3.32. SkyWater Technology has a 52-week low of $8.49 and a 52-week high of $39.93. The stock’s 50-day moving average price is $35.37 and its 200 day moving average price is $30.02. The company has a quick ratio of 0.44, a current ratio of 0.51 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter. The company had revenue of $160.69 million during the quarter. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 7.88%. As a group, equities research analysts forecast that SkyWater Technology will post -0.42 EPS for the current year.

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.