SkyWater Technology (NASDAQ:SKYT) Price Target Raised to $12.00 at Piper Sandler

SkyWater Technology (NASDAQ:SKYT) had its price target raised by Piper Sandler from $9.00 to $12.00 in a research report sent to investors on Friday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

SkyWater Technology Price Performance

Shares of SKYT traded up $0.25 during mid-day trading on Friday, reaching $10.48. 442,785 shares of the company’s stock were exchanged, compared to its average volume of 394,368. The company has a market cap of $497.59 million, a price-to-earnings ratio of -19.41 and a beta of 3.95. The company has a quick ratio of 0.79, a current ratio of 0.90 and a debt-to-equity ratio of 0.66. SkyWater Technology has a 52-week low of $4.73 and a 52-week high of $12.97. The company has a 50-day simple moving average of $9.22 and a two-hundred day simple moving average of $8.55.

SkyWater Technology (NASDAQ:SKYT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.12. The company had revenue of $93.33 million for the quarter, compared to analyst estimates of $82.50 million. SkyWater Technology had a negative net margin of 7.88% and a negative return on equity of 21.68%. On average, sell-side analysts predict that SkyWater Technology will post -0.26 EPS for the current fiscal year.

Insider Activity at SkyWater Technology

In related news, Director Loren A. Unterseher sold 2,673 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $10.00, for a total value of $26,730.00. Following the completion of the sale, the director now directly owns 13,019,620 shares of the company’s stock, valued at $130,196,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 42.55% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allworth Financial LP acquired a new stake in SkyWater Technology during the third quarter worth about $41,000. nVerses Capital LLC acquired a new position in SkyWater Technology during the 3rd quarter valued at about $60,000. The Manufacturers Life Insurance Company bought a new position in SkyWater Technology in the 2nd quarter worth about $88,000. Allspring Global Investments Holdings LLC lifted its stake in SkyWater Technology by 98,866.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company’s stock valued at $91,000 after purchasing an additional 11,864 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in SkyWater Technology during the second quarter valued at approximately $107,000. 70.00% of the stock is currently owned by institutional investors.

About SkyWater Technology

SkyWater Technology, Inc, together with its subsidiaries, operates as a pure-play technology foundry that engages in the provision of semiconductor development, manufacturing, and packaging services in the United States. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, micro-electromechanical systems, and rad-hard integrated circuits.