Perkins Capital Management Inc. Sells 36,400 Shares of SkyWater Technology, Inc. $SKYT

Key Points

• Perkins Capital Management cut its SkyWater Technology stake by 21.4% in the fourth quarter, selling 36,400 shares and leaving it with 133,650 shares worth about $2.43 million.
• Insider selling continued as CFO Steve Manko sold 84,215 shares for about $2.56 million under a pre-arranged 10b5-1 plan, reducing his direct ownership by 32.92%.
• SkyWater Technology reported mixed quarterly results: revenue rose 13.5% year over year to $171.04 million, but earnings per share missed estimates, and analysts currently rate the stock a “Hold” on average.

Perkins Capital Management Inc. lessened its holdings in SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) by 21.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 133,650 shares of the company's stock after selling 36,400 shares during the period. SkyWater Technology accounts for about 1.9% of Perkins Capital Management Inc.'s investment portfolio, making the stock its 12th biggest holding. Perkins Capital Management Inc. owned approximately 0.28% of SkyWater Technology worth $2,427,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Millennium Management LLC raised its holdings in SkyWater Technology by 3,396.4% during the third quarter. Millennium Management LLC now owns 775,364 shares of the company's stock valued at $14,468,000 after buying an additional 753,188 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of SkyWater Technology by 13,712.9% during the 3rd quarter. Federated Hermes Inc. now owns 347,119 shares of the company's stock valued at $6,477,000 after acquiring an additional 344,606 shares during the last quarter. Erste Asset Management GmbH raised its stake in shares of SkyWater Technology by 21.7% in the 3rd quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company's stock valued at $25,508,000 after acquiring an additional 250,000 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in SkyWater Technology by 15.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company's stock worth $16,660,000 after purchasing an additional 229,954 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS bought a new stake in SkyWater Technology during the third quarter worth approximately $4,004,000. 70.00% of the stock is currently owned by institutional investors.

Insider Activity at SkyWater Technology

In other news, CFO Steve Manko sold 84,215 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $30.41, for a total transaction of $2,560,978.15. Following the sale, the chief financial officer directly owned 171,567 shares in the company, valued at approximately $5,217,352.47. The trade was a 32.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 37.85% of the company's stock.

SkyWater Technology Stock Performance

NASDAQ SKYT opened at $35.59 on Wednesday. The company's fifty day moving average is $30.10 and its two-hundred day moving average is $25.46. SkyWater Technology, Inc. has a 52-week low of $7.67 and a 52-week high of $36.27. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.52. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 14.65 and a beta of 3.30.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.02). SkyWater Technology had a net margin of 21.04% and a negative return on equity of 9.03%. The company had revenue of $171.04 million during the quarter, compared to the consensus estimate of $160.05 million. During the same quarter in the previous year, the business posted $0.04 EPS. The firm's quarterly revenue was up 13.5% on a year-over-year basis. Equities research analysts forecast that SkyWater Technology, Inc. will post -0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

SKYT has been the topic of a number of recent analyst reports. Craig Hallum lowered shares of SkyWater Technology from a "buy" rating to a "hold" rating and set a $35.00 price target on the stock. in a research report on Tuesday, January 27th. TD Cowen downgraded shares of SkyWater Technology from a "buy" rating to a "hold" rating and lifted their target price for the stock from $24.00 to $35.00 in a report on Tuesday, January 27th. Weiss Ratings reissued a "sell (e+)" rating on shares of SkyWater Technology in a research report on Friday, March 27th. Piper Sandler downgraded SkyWater Technology from an "overweight" rating to a "neutral" rating and raised their price target for the company from $17.00 to $35.00 in a research report on Monday, January 26th. Finally, Needham & Company LLC cut SkyWater Technology from a "buy" rating to a "hold" rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, SkyWater Technology has an average rating of "Hold" and an average target price of $32.00.

SkyWater Technology 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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