SkyWater Technology (NASDAQ:SKYT) Stock Rating Upgraded by Zacks Research

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

Other equities analysts have also recently issued research reports about the company. Piper Sandler cut SkyWater Technology from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $17.00 to $35.00 in a report on Monday, January 26th. Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a report on Monday, January 26th. Craig Hallum cut SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price target for the company. in a report on Tuesday, January 27th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a report on Friday, March 27th. Finally, Needham & Company LLC cut SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.00.

SkyWater Technology Stock Down 3.4%

NASDAQ SKYT traded down $1.05 on Monday, reaching $30.11. The company had a trading volume of 501,537 shares, compared to its average volume of 1,855,235. The firm has a market capitalization of $1.48 billion, a PE ratio of 12.39 and a beta of 3.47. SkyWater Technology has a 1 year low of $6.69 and a 1 year high of $36.27. The firm has a 50-day moving average of $29.37 and a 200-day moving average of $24.53. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.52.

SkyWater Technology (NASDAQ:SKYT) last released 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 company had revenue of $171.04 million during the quarter, compared to analysts’ expectations of $160.05 million. SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The firm’s revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.04 EPS. On average, equities research analysts anticipate that SkyWater Technology will post -0.42 EPS for the current fiscal year.

Insider Activity at SkyWater Technology

In other news, CFO Steve Manko sold 91,109 shares of the 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 completion of the transaction, the chief financial officer directly owned 215,166 shares in the company, valued at approximately $5,990,221.44. This represents a 29.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 37.85% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors and hedge funds have recently made changes to their positions in SKYT. Federated Hermes Inc. raised its position in shares of SkyWater Technology by 13,712.9% during the 3rd quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock valued at $6,477,000 after acquiring an additional 344,606 shares in the last quarter. Quantbot Technologies LP raised its position in shares of SkyWater Technology by 44,565.1% during the 3rd quarter. Quantbot Technologies LP now owns 94,690 shares of the company’s stock valued at $1,767,000 after acquiring an additional 94,478 shares in the last quarter. Perkins Capital Management Inc. raised its position in shares of SkyWater Technology by 86.4% during the 3rd quarter. Perkins Capital Management Inc. now owns 170,050 shares of the company’s stock valued at $3,173,000 after acquiring an additional 78,800 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of SkyWater Technology during the 3rd quarter valued at approximately $752,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in shares of SkyWater Technology during the 3rd quarter valued at approximately $4,004,000. 70.00% of the stock is currently owned by hedge funds and other 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.