Carmignac Gestion Makes New Investment in SkyWater Technology, Inc. $SKYT

Key Points

• Carmignac Gestion initiated a position in SkyWater Technology during the first quarter, purchasing 84,106 shares worth approximately $2.3 million, or about 0.17% of the company.
• Other institutions also increased or initiated holdings, with institutional investors and hedge funds collectively owning 70% of SkyWater’s stock. However, CFO Steve Manko sold 75,000 shares worth $2.63 million under a pre-arranged Rule 10b5-1 plan.
• SkyWater reported quarterly revenue of $160.69 million and a loss of $0.25 per share. Analysts have an average “Hold” rating and a $32 price target, compared with the stock’s $32.46 opening price.

Carmignac Gestion bought a new stake in SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 84,106 shares of the company's stock, valued at approximately $2,305,000. Carmignac Gestion owned about 0.17% of SkyWater Technology at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SKYT. Bank of America Corp DE raised its stake in shares of SkyWater Technology by 7.5% during the first quarter. Bank of America Corp DE now owns 117,856 shares of the company's stock worth $3,230,000 after purchasing an additional 8,181 shares during the last quarter. California State Teachers Retirement System grew its position 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 buying an additional 17,827 shares during the last quarter. Royal Bank of Canada increased 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 buying an additional 1,290 shares during the period. Regal Partners Ltd acquired a new position in SkyWater Technology in the 1st quarter valued at $266,000. Finally, The Manufacturers Life Insurance Company acquired a new position in SkyWater Technology in the 1st quarter valued at $266,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Insider Activity at SkyWater Technology

In related news, CFO Steve Manko sold 75,000 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $35.08, for a total value of $2,631,000.00. Following the completion of the sale, the chief financial officer owned 96,567 shares in the company, valued at $3,387,570.36. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.56% of the stock is owned by company insiders.

SkyWater Technology Price Performance

SkyWater Technology stock opened at $32.46 on Monday. The stock's 50 day moving average price is $34.66 and its 200 day moving average price is $32.14. SkyWater Technology, Inc. has a 1-year low of $8.49 and a 1-year high of $39.93. The company has a market cap of $1.60 billion, a PE ratio of 13.93 and a beta of 3.39. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.44.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter. The business had revenue of $160.69 million during the quarter. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 7.88%. On average, sell-side analysts predict that SkyWater Technology, Inc. will post -0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SKYT. Weiss Ratings restated a "sell (e+)" rating on shares of SkyWater Technology in a research note on Wednesday, June 24th. Zacks Research upgraded shares of SkyWater Technology from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $32.00.

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.

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