Cubist Systematic Strategies LLC Makes New Investment in SkyWater Technology, Inc. $SKYT

Key Points

• Cubist Systematic Strategies LLC has acquired 65,397 shares of SkyWater Technology, Inc., valued at approximately $464,000, reflecting their interest as an institutional investor.
• The stock is currently trading at $9.84, down 5.7%, with a market capitalization of $474.09 million and a price-to-earnings ratio of -28.94.
• Recent analyst upgrades include a change from a "sell" to a "hold" rating by Wall Street Zen, and Needham & Company has increased the price target from $11.00 to $15.00, giving the stock a "buy" rating.

Cubist Systematic Strategies LLC purchased a new position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 65,397 shares of the company's stock, valued at approximately $464,000. Cubist Systematic Strategies LLC owned 0.14% of SkyWater Technology at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of SKYT. Nuveen LLC purchased a new stake in SkyWater Technology during the first quarter worth about $1,919,000. Nuveen Asset Management LLC grew its position in shares of SkyWater Technology by 414.5% during the fourth quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company's stock worth $3,836,000 after buying an additional 223,940 shares in the last quarter. Bank of America Corp DE grew its position in shares of SkyWater Technology by 394.2% during the fourth quarter. Bank of America Corp DE now owns 163,645 shares of the company's stock worth $2,258,000 after buying an additional 130,529 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in SkyWater Technology by 89.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 176,473 shares of the company's stock valued at $2,435,000 after purchasing an additional 83,544 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in SkyWater Technology by 605.2% in the fourth quarter. Deutsche Bank AG now owns 83,605 shares of the company's stock valued at $1,154,000 after purchasing an additional 71,750 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

SkyWater Technology Trading Down 5.7%

NASDAQ:SKYT opened at $9.84 on Thursday. The stock has a fifty day moving average price of $10.84 and a two-hundred day moving average price of $9.07. The stock has a market capitalization of $474.09 million, a price-to-earnings ratio of -28.94 and a beta of 3.41. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.97 and a current ratio of 1.06. SkyWater Technology, Inc. has a 1 year low of $5.67 and a 1 year high of $19.00.

Analyst Upgrades and Downgrades

SKYT has been the subject of a number of research reports. Wall Street Zen upgraded SkyWater Technology from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Needham & Company LLC upped their price target on SkyWater Technology from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $13.00.

Insiders Place Their Bets

In other SkyWater Technology news, Director Loren A. Unterseher sold 60,767 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $12.08, for a total value of $734,065.36. Following the sale, the director owned 7,600,245 shares of the company's stock, valued at approximately $91,810,959.60. This represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 2,635,848 shares of company stock valued at $31,811,362 over the last quarter. 37.85% of the stock is currently owned by corporate insiders.

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.

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