Steve Manko Sells 91,109 Shares of SkyWater Technology (NASDAQ:SKYT) Stock

SkyWater Technology, Inc. (NASDAQ:SKYT) CFO Steve Manko sold 91,109 shares of SkyWater Technology stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $27.84, for a total transaction of $2,536,474.56. Following the transaction, the chief financial officer owned 215,166 shares in the company, valued at approximately $5,990,221.44. The trade was a 29.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

SkyWater Technology Price Performance

SKYT opened at $27.69 on Friday. The firm has a market capitalization of $1.33 billion, a P/E ratio of 11.40 and a beta of 3.52. The stock has a fifty day moving average of $30.02 and a 200-day moving average of $21.39. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. SkyWater Technology, Inc. has a 12-month low of $5.67 and a 12-month high of $36.27.

SkyWater Technology (NASDAQ:SKYT) last issued 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). The business had revenue of $171.04 million for the quarter, compared to analysts’ expectations of $160.05 million. SkyWater Technology had a net margin of 26.90% and a negative return on equity of 6.89%. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Equities analysts forecast that SkyWater Technology, Inc. will post -0.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th. TD Cowen lowered shares of SkyWater Technology from a “buy” rating to a “hold” rating and increased their price target for the stock from $24.00 to $35.00 in a research report on Tuesday, January 27th. Stifel Nicolaus set a $35.00 price target on shares of SkyWater Technology in a report on Monday, January 26th. Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $35.00 in a research report on Monday, January 26th. Finally, Needham & Company LLC downgraded shares of SkyWater Technology from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. One investment 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. Based on data from MarketBeat.com, SkyWater Technology presently has an average rating of “Reduce” and an average target price of $32.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SKYT. Millennium Management LLC lifted its holdings in SkyWater Technology by 3,396.4% in the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock worth $14,468,000 after purchasing an additional 753,188 shares during the last quarter. State Street Corp grew its stake in SkyWater Technology by 134.1% in the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock valued at $21,986,000 after buying an additional 693,470 shares during the last quarter. Trexquant Investment LP acquired a new position in SkyWater Technology in the 4th quarter valued at $6,745,000. Federated Hermes Inc. raised its holdings in SkyWater Technology by 13,712.9% in the 3rd quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock worth $6,477,000 after acquiring an additional 344,606 shares during the period. Finally, Erste Asset Management GmbH raised its holdings in SkyWater Technology by 21.7% in the 3rd quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company’s stock worth $25,508,000 after acquiring an additional 250,000 shares during the period. Hedge funds and other 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.