SkyWater Technology (NASDAQ:SKYT) Issues Earnings Results, Misses Estimates By $0.02 EPS

SkyWater Technology (NASDAQ:SKYT) released its quarterly earnings data on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02), FiscalAI reports. The firm had revenue of $171.04 million during the quarter, compared to the consensus estimate of $160.05 million. SkyWater Technology had a negative return on equity of 8.42% and a net margin of 26.90%.The business’s revenue was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 EPS.

SkyWater Technology Trading Down 2.8%

Shares of NASDAQ SKYT traded down $0.87 during mid-day trading on Friday, reaching $29.97. The company had a trading volume of 152,753 shares, compared to its average volume of 2,644,699. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 12.28 and a beta of 3.51. SkyWater Technology has a 52 week low of $5.67 and a 52 week high of $36.27. The business’s 50-day moving average is $27.69 and its 200-day moving average is $19.66. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17.

Analysts Set New Price Targets

SKYT has been the topic of several research reports. TD Cowen cut shares of SkyWater Technology from a “buy” rating to a “hold” rating and boosted their price target for the stock from $24.00 to $35.00 in a research report on Tuesday, January 27th. Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and increased their price target for the company from $17.00 to $35.00 in a report on Monday, January 26th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research report on Monday, December 29th. Craig Hallum downgraded SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 target price on the stock. in a research report on Tuesday, January 27th. Finally, Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a research report on Monday, January 26th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, SkyWater Technology presently has an average rating of “Hold” and an average price target of $32.00.

Institutional Trading of SkyWater Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. purchased a new position in SkyWater Technology during the 2nd quarter worth $377,000. Rhumbline Advisers increased its stake in shares of SkyWater Technology by 27.4% during the second quarter. Rhumbline Advisers now owns 47,643 shares of the company’s stock valued at $469,000 after buying an additional 10,246 shares during the period. Creative Planning lifted its stake in SkyWater Technology by 69.7% in the second quarter. Creative Planning now owns 34,283 shares of the company’s stock worth $337,000 after acquiring an additional 14,085 shares during the period. J.W. Cole Advisors Inc. bought a new position in SkyWater Technology during the 4th quarter worth about $182,000. Finally, Strs Ohio purchased a new position in SkyWater Technology during the 1st quarter valued at about $173,000. Institutional investors own 70.00% of the company’s stock.

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.