SkyWater Technology (NASDAQ:SKYT) Shares Down 3.8% – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT)’s stock price dropped 3.8% during trading on Friday . The stock traded as low as $19.24 and last traded at $19.24. Approximately 290,506 shares traded hands during trading, a decline of 68% from the average daily volume of 913,667 shares. The stock had previously closed at $20.00.

Analyst Ratings Changes

SKYT has been the topic of several research analyst reports. Needham & Company LLC boosted their price target on SkyWater Technology from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen raised SkyWater Technology from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SkyWater Technology in a research note on Saturday, September 27th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, SkyWater Technology currently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

SkyWater Technology Trading Down 8.1%

The firm has a market capitalization of $885.07 million, a price-to-earnings ratio of -54.03 and a beta of 3.51. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.97 and a current ratio of 1.06. The business has a fifty day moving average price of $12.46 and a 200 day moving average price of $9.86.

Insider Transactions at SkyWater Technology

In other news, Director Loren A. Unterseher sold 120,370 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $18.02, for a total transaction of $2,169,067.40. Following the completion of the sale, the director directly owned 6,811,256 shares in the company, valued at $122,738,833.12. This represents a 1.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Sonderman sold 8,355 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $10.58, for a total value of $88,395.90. Following the sale, the chief executive officer owned 532,174 shares of the company’s stock, valued at approximately $5,630,400.92. The trade was a 1.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,402,446 shares of company stock worth $41,689,461 in the last ninety days. Insiders own 37.85% of the company’s stock.

Institutional Trading of SkyWater Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in SkyWater Technology by 7,282.8% during the 1st quarter. GAMMA Investing LLC now owns 32,706 shares of the company’s stock worth $232,000 after purchasing an additional 32,263 shares during the period. AlphaQuest LLC boosted its position in SkyWater Technology by 159.9% during the 1st quarter. AlphaQuest LLC now owns 43,483 shares of the company’s stock worth $308,000 after purchasing an additional 26,754 shares during the period. Nuveen LLC purchased a new stake in SkyWater Technology during the 1st quarter worth $1,919,000. Cubist Systematic Strategies LLC purchased a new stake in SkyWater Technology during the 1st quarter worth $464,000. Finally, Ameriprise Financial Inc. purchased a new stake in SkyWater Technology during the 4th quarter worth $191,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

SkyWater Technology Company Profile

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.