SkyWater Technology (NASDAQ:SKYT) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of SkyWater Technology (NASDAQ:SKYT) in a research report report published on Thursday,Benzinga reports. They currently have a $12.00 price target on the stock.

SkyWater Technology Stock Down 10.4 %

SKYT opened at $9.13 on Thursday. The business’s fifty day moving average is $11.50 and its two-hundred day moving average is $10.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87. The company has a market cap of $435.10 million, a price-to-earnings ratio of -26.09 and a beta of 3.37. SkyWater Technology has a one year low of $5.63 and a one year high of $19.00.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.10. SkyWater Technology had a negative return on equity of 12.40% and a negative net margin of 4.75%. The business had revenue of $75.49 million for the quarter, compared to the consensus estimate of $74.25 million. Analysts anticipate that SkyWater Technology will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Loren A. Unterseher sold 7,761 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $9.27, for a total transaction of $71,944.47. Following the transaction, the director now directly owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 42.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SkyWater Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its stake in SkyWater Technology by 64.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,849 shares of the company’s stock worth $39,000 after acquiring an additional 1,113 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in SkyWater Technology in the fourth quarter valued at about $50,000. Quarry LP bought a new position in SkyWater Technology during the 3rd quarter worth approximately $35,000. Allworth Financial LP bought a new position in SkyWater Technology during the 3rd quarter worth approximately $41,000. Finally, BIT Capital GmbH bought a new position in SkyWater Technology during the 4th quarter worth approximately $143,000. 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.