SkyWater Technology, Inc. $SKYT Stock Holdings Cut by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. trimmed its SkyWater stake by 3.8% in Q4, selling 62,554 shares and now holds 1,564,775 shares (about 3.23%) valued at roughly $28.42 million.
• Insider sale: CFO Steve Manko sold 91,109 shares on March 16 at an average $27.84 for ~$2.54 million, reducing his ownership by 29.75% to 215,166 shares, and insiders now own 37.85% of the stock.
• Wall Street view is negative-to-neutral with a consensus "Reduce" rating (1 Buy, 5 Hold, 2 Sell) and an average target of $32, after several downgrades; the company also reported an EPS miss (-$0.03 vs. -$0.01) while beating revenue estimates ($171.04M).

Baillie Gifford & Co. reduced its position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Free Report) by 3.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,564,775 shares of the company's stock after selling 62,554 shares during the quarter. Baillie Gifford & Co. owned about 3.23% of SkyWater Technology worth $28,416,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in SkyWater Technology by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company's stock valued at $38,200,000 after purchasing an additional 94,948 shares in the last quarter. Ameriprise Financial Inc. boosted its stake 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 in the last quarter. Erste Asset Management GmbH boosted its stake in SkyWater Technology by 21.7% during the 3rd quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company's stock valued at $25,508,000 after purchasing an additional 250,000 shares in the last quarter. Millennium Management LLC boosted its stake in shares of SkyWater Technology by 3,396.4% during the 3rd 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. Finally, Emerald Mutual Fund Advisers Trust boosted its stake in shares of SkyWater Technology by 1.5% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 725,120 shares of the company's stock worth $13,531,000 after acquiring an additional 10,976 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKYT. Zacks Research lowered SkyWater Technology from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 4th. Needham & Company LLC lowered SkyWater Technology from a "buy" rating to a "hold" rating in a research note on Monday, January 26th. Stifel Nicolaus set a $35.00 price objective on SkyWater Technology in a research note on Monday, January 26th. Weiss Ratings reissued a "sell (e+)" rating on shares of SkyWater Technology in a research note on Friday, March 27th. Finally, TD Cowen lowered SkyWater Technology from a "buy" rating to a "hold" rating and raised their price objective for the stock from $24.00 to $35.00 in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $32.00.

Insider Activity

In other news, CFO Steve Manko sold 91,109 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $27.84, for a total value of $2,536,474.56. Following the completion of the sale, the chief financial officer owned 215,166 shares in the company, valued at $5,990,221.44. This represents a 29.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 37.85% of the stock is owned by insiders.

SkyWater Technology Stock Performance

SKYT opened at $29.10 on Tuesday. The firm has a market cap of $1.43 billion, a PE ratio of 11.98 and a beta of 3.47. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 0.17. The business has a fifty day simple moving average of $28.68 and a 200-day simple moving average of $23.44. SkyWater Technology, Inc. has a fifty-two week low of $6.34 and a fifty-two week high of $36.27.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.02). The business had revenue of $171.04 million during the quarter, compared to analysts' expectations of $160.05 million. SkyWater Technology had a net margin of 26.90% and a negative return on equity of 6.89%. SkyWater Technology's revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.04 EPS. As a group, equities analysts predict that SkyWater Technology, Inc. will post -0.22 EPS for the current fiscal year.

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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