Gabelli Funds LLC Raises Stock Holdings in SkyWater Technology, Inc. $SKYT

Key Points

• Gabelli Funds increased its SkyWater Technology position by 140.6% in the first quarter, acquiring 86,026 additional shares for a total of 147,228 shares valued at approximately $4.04 million. Institutional investors collectively own 70% of the company.
• SkyWater reported a quarterly loss of $0.25 per share on revenue of $160.69 million. Analysts expect a full-year loss of $0.42 per share, while the stock recently traded at $31.18, near the consensus price target of $32.00.
• Analyst sentiment remains cautious, with one Buy, six Hold and one Sell rating for an overall Hold consensus. Separately, CFO Steve Manko sold 75,000 shares for about $2.63 million under a pre-arranged trading plan.

Gabelli Funds LLC grew its position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) by 140.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 147,228 shares of the company's stock after acquiring an additional 86,026 shares during the quarter. Gabelli Funds LLC owned about 0.30% of SkyWater Technology worth $4,036,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SKYT. Pier Capital LLC purchased a new stake in SkyWater Technology during the fourth quarter valued at $3,365,000. JPMorgan Chase & Co. lifted its position in SkyWater Technology by 273.6% during the third quarter. JPMorgan Chase & Co. now owns 46,911 shares of the company's stock valued at $875,000 after purchasing an additional 34,355 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of SkyWater Technology in the 3rd quarter worth $1,202,000. BIP Wealth LLC purchased a new position in shares of SkyWater Technology in the 4th quarter worth $361,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of SkyWater Technology in the 1st quarter worth about $3,717,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

SkyWater Technology Stock Performance

NASDAQ:SKYT opened at $31.18 on Wednesday. The stock's fifty day moving average is $34.93 and its 200 day moving average is $32.08. SkyWater Technology, Inc. has a fifty-two week low of $8.49 and a fifty-two week high of $39.93. The firm has a market capitalization of $1.53 billion, a PE ratio of 13.38 and a beta of 3.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.44 and a current ratio of 0.51.

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

Insider Buying and Selling at SkyWater Technology

In other news, CFO Steve Manko sold 75,000 shares of the stock in a transaction on 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 sale, the chief financial officer owned 96,567 shares of the company's stock, valued at approximately $3,387,570.36. This represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 22.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Zacks Research upgraded shares of SkyWater Technology from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings reiterated a "sell (e+)" rating on shares of SkyWater Technology in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock 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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