SkyWater Technology (NASDAQ:SKYT) Announces Earnings Results

SkyWater Technology (NASDAQ:SKYT) announced its quarterly earnings results on Wednesday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17), FiscalAI reports. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 7.88%. The company had revenue of $160.69 million during the quarter, compared to analysts’ expectations of $146.07 million.

SkyWater Technology Stock Performance

Shares of SKYT opened at $35.13 on Thursday. The stock has a 50-day moving average of $30.76 and a two-hundred day moving average of $26.22. SkyWater Technology has a one year low of $8.18 and a one year high of $36.38. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.44 and a current ratio of 0.51. The stock has a market cap of $1.73 billion, a P/E ratio of 15.08 and a beta of 3.30.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SKYT shares. Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a report on Monday, January 26th. Zacks Research upgraded SkyWater Technology from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Friday, March 27th. Piper Sandler downgraded SkyWater Technology from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $17.00 to $35.00 in a research note on Monday, January 26th. Finally, Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $32.00.

Insider Buying and Selling

In other SkyWater Technology news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $35.08, for a total transaction of $2,631,000.00. Following the completion of the sale, the chief financial officer owned 96,567 shares of the company’s stock, valued at approximately $3,387,570.36. The trade was a 43.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 250,324 shares of company stock worth $7,728,453. Insiders own 37.85% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised 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 period. State Street Corp raised its holdings 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 during the period. Trexquant Investment LP acquired a new position in SkyWater Technology in the 4th quarter worth about $6,745,000. Ameriprise Financial Inc. raised its holdings in SkyWater Technology by 15.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company’s stock worth $16,660,000 after purchasing an additional 229,954 shares during the period. Finally, Lazard Asset Management LLC acquired a new position in SkyWater Technology in the 4th quarter worth about $3,121,000. Institutional investors and hedge funds 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.