SkyWater Technology (NASDAQ:SKYT) Hits New 12-Month High – Still a Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $36.74 and last traded at $36.6040, with a volume of 390226 shares trading hands. The stock had previously closed at $35.13.

Analysts Set New Price Targets

SKYT has been the topic of several recent analyst reports. TD Cowen lowered SkyWater Technology from a “buy” rating to a “hold” rating and boosted their price target for the stock from $24.00 to $35.00 in a research report on Tuesday, January 27th. Craig Hallum lowered SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price target on the stock. in a research report on Tuesday, January 27th. Zacks Research raised SkyWater Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Piper Sandler lowered SkyWater Technology from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $17.00 to $35.00 in a research report on Monday, January 26th. Finally, Needham & Company LLC lowered 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, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.00.

SkyWater Technology Price Performance

The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.17. The company has a 50 day moving average price of $30.76 and a 200 day moving average price of $26.22. The company has a market capitalization of $1.81 billion, a P/E ratio of 15.76 and a beta of 3.30.

SkyWater Technology (NASDAQ:SKYT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.17). SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%.The business had revenue of $160.69 million for the quarter, compared to the consensus estimate of $146.07 million. On average, equities analysts predict that SkyWater Technology, Inc. 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 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 completion of the transaction, the chief financial officer directly owned 215,166 shares in the company, valued at approximately $5,990,221.44. The trade was a 29.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In 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.

Institutional Trading of SkyWater Technology

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in SkyWater Technology by 7.5% in the 1st quarter. Bank of America Corp DE now owns 117,856 shares of the company’s stock valued at $3,230,000 after purchasing an additional 8,181 shares during the period. California State Teachers Retirement System boosted its stake in SkyWater Technology by 63.2% in the 1st quarter. California State Teachers Retirement System now owns 46,046 shares of the company’s stock valued at $1,262,000 after purchasing an additional 17,827 shares during the period. Royal Bank of Canada boosted its stake in SkyWater Technology by 26.7% in the 1st quarter. Royal Bank of Canada now owns 6,118 shares of the company’s stock valued at $168,000 after purchasing an additional 1,290 shares during the period. Regal Partners Ltd bought a new stake in SkyWater Technology in the 1st quarter valued at $266,000. Finally, The Manufacturers Life Insurance Company bought a new stake in SkyWater Technology in the 1st quarter valued at $266,000. 70.00% of the stock is currently owned by institutional investors.

SkyWater Technology Company Profile

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.