Zacks Research Downgrades SkyWater Technology (NASDAQ:SKYT) to Strong Sell

SkyWater Technology (NASDAQ:SKYT) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

SKYT has been the subject of several other research reports. Craig Hallum downgraded shares of SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 target price for the company. in a report on Tuesday, January 27th. Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $17.00 to $35.00 in a research report on Monday, January 26th. Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. TD Cowen lowered SkyWater Technology from a “buy” rating to a “hold” rating and increased their target price for the stock from $24.00 to $35.00 in a research note on Tuesday, January 27th. Finally, Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a research note on Monday, January 26th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $32.00.

SkyWater Technology Stock Performance

Shares of SKYT traded up $0.07 during mid-day trading on Wednesday, reaching $29.29. The company’s stock had a trading volume of 279,893 shares, compared to its average volume of 2,458,913. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.17. SkyWater Technology has a 1-year low of $5.67 and a 1-year high of $36.27. The business has a 50-day simple moving average of $28.88 and a two-hundred day simple moving average of $20.26. The stock has a market cap of $1.42 billion, a P/E ratio of 12.05 and a beta of 3.52.

SkyWater Technology (NASDAQ:SKYT) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). SkyWater Technology had a net margin of 26.90% and a negative return on equity of 8.42%. The business had revenue of $171.04 million during the quarter, compared to the consensus estimate of $160.05 million. During the same quarter last year, the company posted $0.04 EPS. The firm’s revenue was up 13.5% on a year-over-year basis. As a group, equities research analysts anticipate that SkyWater Technology will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SkyWater Technology

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in SkyWater Technology by 112.0% during the first quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock worth $2,226,000 after buying an additional 165,865 shares in the last quarter. Strs Ohio bought a new stake in shares of SkyWater Technology during the 1st quarter valued at $173,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of SkyWater Technology during the 2nd quarter worth $243,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of SkyWater Technology during the 2nd quarter worth $276,000. Finally, Creative Planning increased its position in shares of 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 purchasing an additional 14,085 shares during the period. 70.00% of the stock is currently owned by institutional investors.

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.