Lazard Asset Management LLC Sells 103,845 Shares of SkyWater Technology, Inc. $SKYT

Key Points

• Lazard Asset Management cut its SkyWater Technology stake by 60.4% in the first quarter, selling 103,845 shares and retaining 68,043 shares worth approximately $1.87 million. Institutional investors and hedge funds collectively own 70% of the company.
• Analyst sentiment remains cautious, with one Buy, six Hold and one Sell rating; the consensus rating is Hold with an average price target of $32.00.
• SkyWater shares opened at $32.46, while CFO Steve Manko sold 75,000 shares at an average price of $35.08 under a pre-arranged trading plan. The company reported quarterly revenue of $160.69 million and a loss of $0.25 per share.

Lazard Asset Management LLC decreased its holdings in SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) by 60.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,043 shares of the company's stock after selling 103,845 shares during the period. Lazard Asset Management LLC owned about 0.14% of SkyWater Technology worth $1,865,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SKYT. Vanguard Group Inc. boosted its stake in shares of SkyWater Technology by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company's stock worth $38,200,000 after acquiring an additional 94,948 shares during the period. Ameriprise Financial Inc. lifted its holdings in SkyWater Technology by 9.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company's stock valued at $34,453,000 after purchasing an additional 153,299 shares during the last quarter. State Street Corp lifted its holdings in SkyWater Technology by 134.1% during the 4th quarter. State Street Corp now owns 1,210,673 shares of the company's stock valued at $21,986,000 after purchasing an additional 693,470 shares during the last quarter. Millennium Management LLC boosted its position in SkyWater Technology by 3,396.4% during the third quarter. Millennium Management LLC now owns 775,364 shares of the company's stock worth $14,468,000 after purchasing an additional 753,188 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of SkyWater Technology by 10.9% in the fourth quarter. Geode Capital Management LLC now owns 710,132 shares of the company's stock valued at $12,897,000 after purchasing an additional 69,656 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SKYT has been the topic of several research analyst reports. Zacks Research raised shares of SkyWater Technology from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings reissued a "sell (e+)" rating on shares of SkyWater Technology in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $32.00.

Insiders Place Their Bets

In other SkyWater Technology news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $35.08, for a total value of $2,631,000.00. Following the transaction, the chief financial officer owned 96,567 shares in the company, valued at $3,387,570.36. The trade was a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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

Shares of SKYT opened at $32.46 on Tuesday. The firm has a 50 day simple moving average of $34.56 and a two-hundred day simple moving average of $32.17. 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, Inc. has a one year low of $8.49 and a one year high of $39.93. The company has a market cap of $1.60 billion, a P/E ratio of 13.93 and a beta of 3.39.

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

SkyWater Technology Company Profile

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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