Gabelli Funds LLC Increases Position in SkyWater Technology, Inc. $SKYT

Gabelli Funds LLC grew its holdings in shares of SkyWater Technology, Inc. (NASDAQ:SKYT) by 140.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 147,228 shares of the company’s stock after buying an additional 86,026 shares during the quarter. Gabelli Funds LLC’s holdings in SkyWater Technology were worth $4,036,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. lifted 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 acquiring an additional 94,948 shares during the last quarter. Ameriprise Financial Inc. grew its position in SkyWater Technology by 9.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company’s stock valued at $34,453,000 after acquiring an additional 153,299 shares during the last quarter. State Street Corp grew its position in SkyWater Technology by 134.1% in the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock valued at $21,986,000 after acquiring an additional 693,470 shares during the last quarter. Millennium Management LLC grew its position in SkyWater Technology by 3,396.4% in the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock valued at $14,468,000 after acquiring an additional 753,188 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in SkyWater Technology by 10.9% in the fourth 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 currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SKYT shares. Zacks Research upgraded SkyWater Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a report on Wednesday, June 24th. One 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $32.00.

SkyWater Technology Stock Performance

SkyWater Technology stock opened at $31.18 on Wednesday. The company has a 50 day moving average price of $34.93 and a 200-day moving average price of $32.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.44 and a current ratio of 0.51. SkyWater Technology, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $39.93. The company has a market capitalization of $1.53 billion, a PE ratio of 13.38 and a beta of 3.34.

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

Insiders Place Their Bets

In other SkyWater Technology news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction on Monday, May 11th. The stock was sold at an average price of $35.08, for a total transaction of $2,631,000.00. Following the completion of the sale, the chief financial officer directly owned 96,567 shares of the company’s stock, valued at $3,387,570.36. The trade was a 43.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.56% of the stock is currently owned by company insiders.

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.