SkyWater Technology (NASDAQ:SKYT) PT Lowered to $12.00 at Craig Hallum

SkyWater Technology (NASDAQ:SKYT) had its price target reduced by investment analysts at Craig Hallum from $16.00 to $12.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Craig Hallum’s price target would suggest a potential upside of 75.18% from the company’s current price.

SKYT has been the subject of several other research reports. Needham & Company LLC cut their price target on SkyWater Technology from $15.00 to $12.00 and set a “buy” rating for the company in a report on Thursday. TD Cowen boosted their price target on shares of SkyWater Technology from $12.00 to $15.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Finally, Piper Sandler raised their price objective on shares of SkyWater Technology from $9.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th.

SkyWater Technology Price Performance

Shares of SkyWater Technology stock traded down $3.02 during mid-day trading on Thursday, reaching $6.85. 1,758,911 shares of the stock traded hands, compared to its average volume of 410,604. The company has a quick ratio of 0.91, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average of $10.18 and a 200 day moving average of $8.82. The stock has a market capitalization of $324.28 million, a PE ratio of -10.58 and a beta of 4.18. SkyWater Technology has a fifty-two week low of $4.73 and a fifty-two week high of $12.97.

SkyWater Technology (NASDAQ:SKYT) last announced its earnings results on Monday, February 26th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.12. The company had revenue of $79.15 million for the quarter, compared to analysts’ expectations of $74.90 million. SkyWater Technology had a negative net margin of 10.73% and a negative return on equity of 30.58%. On average, analysts predict that SkyWater Technology will post -0.05 EPS for the current year.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 368,709 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $12.14, for a total value of $4,476,127.26. Following the sale, the director now directly owns 13,022,293 shares in the company, valued at approximately $158,090,637.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Thomas Sonderman sold 18,989 shares of SkyWater Technology stock in a transaction on Friday, February 9th. The stock was sold at an average price of $10.01, for a total value of $190,079.89. Following the completion of the sale, the chief executive officer now directly owns 498,413 shares of the company’s stock, valued at $4,989,114.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Loren A. Unterseher sold 368,709 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $12.14, for a total value of $4,476,127.26. Following the transaction, the director now directly owns 13,022,293 shares in the company, valued at approximately $158,090,637.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 398,218 shares of company stock worth $4,787,187. 42.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC purchased a new stake in shares of SkyWater Technology during the first quarter worth approximately $119,000. Whalen Wealth Management Inc. acquired a new stake in shares of SkyWater Technology in the 1st quarter valued at $243,000. Arlington Capital Management Inc. purchased a new stake in shares of SkyWater Technology during the 1st quarter worth $107,000. Gabelli Funds LLC grew its stake in shares of SkyWater Technology by 2.1% during the fourth quarter. Gabelli Funds LLC now owns 61,202 shares of the company’s stock worth $589,000 after purchasing an additional 1,275 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in SkyWater Technology by 622.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,712 shares of the company’s stock valued at $55,000 after buying an additional 4,921 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other 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.