Pier Capital LLC Makes New $3.37 Million Investment in SkyWater Technology, Inc. $SKYT

Key Points

• Pier Capital LLC opened a new position in SkyWater Technology (NASDAQ:SKYT), purchasing 185,270 shares in Q4 worth approximately $3.37 million, equal to about 0.38% ownership.
• CFO Steve Manko sold 84,215 shares on April 14 under a Rule 10b5-1 plan for roughly $2.56 million, reducing his stake by 32.92%; insiders now own 37.85% of the company.
• SkyWater reported Q4 revenue of $171.04 million (up 13.5% year-over-year) that beat estimates while missing on EPS ($-0.03 vs. $-0.01 expected); analysts’ consensus rating is a Hold with an average target of $32.00.

Pier Capital LLC purchased a new position in SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 185,270 shares of the company's stock, valued at approximately $3,365,000. Pier Capital LLC owned approximately 0.38% of SkyWater Technology as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SKYT. Millennium Management LLC grew its stake in shares of SkyWater Technology by 3,396.4% in the third quarter. Millennium Management LLC now owns 775,364 shares of the company's stock worth $14,468,000 after acquiring an additional 753,188 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of SkyWater Technology by 13,712.9% during the third quarter. Federated Hermes Inc. now owns 347,119 shares of the company's stock worth $6,477,000 after purchasing an additional 344,606 shares in the last quarter. Erste Asset Management GmbH grew its stake in shares of SkyWater Technology by 21.7% during the third quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company's stock worth $25,508,000 after purchasing an additional 250,000 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of SkyWater Technology by 15.7% during the second 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 in the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of SkyWater Technology during the third quarter worth $4,004,000. Institutional investors and hedge funds own 70.00% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SKYT. Stifel Nicolaus set a $35.00 target price on shares of SkyWater Technology in a research note on Monday, January 26th. Zacks Research upgraded shares of SkyWater Technology from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Needham & Company LLC downgraded shares of SkyWater Technology from a "buy" rating to a "hold" rating in a research note on Monday, January 26th. Weiss Ratings reissued a "sell (e+)" rating on shares of SkyWater Technology in a research report on Friday, March 27th. Finally, Piper Sandler cut shares of SkyWater Technology from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $17.00 to $35.00 in a research report on Monday, January 26th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, SkyWater Technology has an average rating of "Hold" and a consensus target price of $32.00.

Insider Activity at SkyWater Technology

In other news, CFO Steve Manko sold 84,215 shares of the company's stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $30.41, for a total value of $2,560,978.15. Following the completion of the sale, the chief financial officer directly owned 171,567 shares of the company's stock, valued at approximately $5,217,352.47. This represents a 32.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 37.85% of the company's stock.

SkyWater Technology Price Performance

Shares of NASDAQ:SKYT opened at $33.06 on Friday. The company has a 50-day simple moving average of $29.80 and a 200-day simple moving average of $25.06. SkyWater Technology, Inc. has a one year low of $7.02 and a one year high of $36.27. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.52 and a current ratio of 0.60. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 13.60 and a beta of 3.30.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.02). SkyWater Technology had a net margin of 26.90% and a negative return on equity of 6.89%. The business had revenue of $171.04 million during the quarter, compared to analysts' expectations of $160.05 million. During the same period in the previous year, the company posted $0.04 earnings per share. SkyWater Technology's quarterly revenue was up 13.5% on a year-over-year basis. On average, analysts predict that SkyWater Technology, Inc. will post -0.42 EPS for the current year.

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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