Analysts Set SkyWater Technology, Inc. (NASDAQ:SKYT) Target Price at $32.00

SkyWater Technology, Inc. (NASDAQ:SKYT) has received a consensus rating of “Reduce” from the eight brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $32.00.

SKYT has been the topic of several research reports. Craig Hallum downgraded shares of SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price target on the stock. in a report on Tuesday, January 27th. TD Cowen cut shares of SkyWater Technology from a “buy” rating to a “hold” rating and lifted their price objective for the company from $24.00 to $35.00 in a research note on Tuesday, January 27th. Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $17.00 to $35.00 in a report on Monday, January 26th. Stifel Nicolaus set a $35.00 price objective on shares of SkyWater Technology in a research note on Monday, January 26th. Finally, Zacks Research cut shares of SkyWater Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th.

SkyWater Technology Stock Down 3.1%

SkyWater Technology stock opened at $27.00 on Friday. The business’s 50-day simple moving average is $29.72 and its two-hundred day simple moving average is $22.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 0.60. The company has a market cap of $1.30 billion, a PE ratio of 11.11 and a beta of 3.52. SkyWater Technology has a fifty-two week low of $5.67 and a fifty-two week high of $36.27.

SkyWater Technology (NASDAQ:SKYT) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The firm had revenue of $171.04 million during the quarter, compared to analysts’ expectations of $160.05 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. Equities analysts anticipate that SkyWater Technology will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other SkyWater Technology news, CFO Steve Manko sold 91,109 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 215,166 shares of the company’s stock, valued at approximately $5,990,221.44. This trade represents a 29.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 37.85% of the company’s stock.

Institutional Trading of SkyWater Technology

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in SkyWater Technology by 4.9% during the third quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company’s stock worth $38,200,000 after acquiring an additional 94,948 shares during the period. Ameriprise Financial Inc. lifted its holdings in SkyWater Technology by 9.1% in the third quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company’s stock valued at $34,453,000 after acquiring an additional 153,299 shares during the period. Erste Asset Management GmbH lifted its holdings in SkyWater Technology by 21.7% in the third quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company’s stock valued at $25,508,000 after acquiring an additional 250,000 shares during the period. State Street Corp boosted its position in SkyWater Technology by 134.1% in the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock worth $21,986,000 after purchasing an additional 693,470 shares in the last quarter. Finally, Millennium Management LLC boosted its position 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 in the last quarter. 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.