SkyWater Technology (NASDAQ:SKYT) Trading Up 7% – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT)’s stock price traded up 7% during mid-day trading on Thursday . The company traded as high as $15.81 and last traded at $15.79. 705,561 shares were traded during trading, an increase of 46% from the average session volume of 483,141 shares. The stock had previously closed at $14.76.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SKYT. Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler boosted their target price on shares of SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th.

SkyWater Technology Stock Performance

The stock has a fifty day moving average price of $9.81 and a 200 day moving average price of $8.85. The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The firm has a market cap of $754.87 million, a price-to-earnings ratio of -45.26 and a beta of 3.72.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 7,761 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $9.27, for a total transaction of $71,944.47. Following the completion of the sale, the director now directly owns 12,806,264 shares in the company, valued at $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

A number of institutional investors have recently made changes to their positions in SKYT. nVerses Capital LLC acquired a new stake in SkyWater Technology in the 3rd quarter valued at approximately $60,000. AQR Capital Management LLC increased its position in SkyWater Technology by 183.6% during the second quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock worth $917,000 after acquiring an additional 77,571 shares during the period. Lountzis Asset Management LLC acquired a new position in SkyWater Technology during the 2nd quarter valued at $2,212,000. The Manufacturers Life Insurance Company bought a new stake in SkyWater Technology in the 2nd quarter valued at $88,000. Finally, Point72 Asset Management L.P. acquired a new stake in SkyWater Technology in the 3rd quarter worth $222,000. 70.00% of the stock is currently owned by institutional investors.

SkyWater Technology Company Profile

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.