SkyWater Technology (NASDAQ:SKYT) Shares Down 5.5% – What’s Next?

SkyWater Technology, Inc. (NASDAQ:SKYT) fell 5.5% during trading on Wednesday . The company traded as low as $10.38 and last traded at $10.39. 216,575 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 393,404 shares. The stock had previously closed at $11.00.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their target price on shares of SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th.

SkyWater Technology Price Performance

The company has a quick ratio of 0.79, a current ratio of 0.90 and a debt-to-equity ratio of 0.66. The stock’s 50-day moving average is $9.27 and its 200-day moving average is $8.56. The firm has a market cap of $465.30 million, a P/E ratio of -18.17 and a beta of 3.95.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.12. SkyWater Technology had a negative return on equity of 21.68% and a negative net margin of 7.88%. The firm had revenue of $93.33 million for the quarter, compared to analyst estimates of $82.50 million. As a group, equities analysts anticipate that SkyWater Technology, Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity

In other SkyWater Technology news, Director Loren A. Unterseher sold 2,673 shares of SkyWater Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $10.00, for a total transaction of $26,730.00. Following the completion of the transaction, the director now directly owns 13,019,620 shares of the company’s stock, valued at approximately $130,196,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 42.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lountzis Asset Management LLC acquired a new stake in shares of SkyWater Technology during the second quarter worth $2,212,000. AQR Capital Management LLC grew its position in shares of SkyWater Technology by 183.6% during the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock worth $917,000 after buying an additional 77,571 shares during the period. Inspire Investing LLC bought a new stake in shares of SkyWater Technology in the 3rd quarter valued at about $418,000. Baillie Gifford & Co. raised its position in shares of SkyWater Technology by 4.4% in the 2nd quarter. Baillie Gifford & Co. now owns 1,007,449 shares of the company’s stock valued at $7,707,000 after acquiring an additional 42,649 shares during the period. Finally, Renaissance Technologies LLC bought a new position in SkyWater Technology during the 2nd quarter worth approximately $195,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

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.