SkyWater Technology (NASDAQ:SKYT) Director Sells $2,391,062.76 in Stock

Key Points

• Director Loren Unterseher sold 229,029 shares of SkyWater Technology stock at an average price of $10.44, totaling approximately $2.39 million, which represents a 3.02% decrease in his ownership.
• SkyWater Technology's shares traded up 3.6% to $10.19, with an average trading volume of 1,501,742 shares compared to its usual volume of 1,084,634.
• Several analysts have upgraded their ratings on SkyWater Technology, with Needham & Company raising the price objective from $11.00 to $15.00, indicating a consensus rating of "Buy" with a target price of $13.00.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) Director Loren A. Unterseher sold 229,029 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $10.44, for a total transaction of $2,391,062.76. Following the completion of the transaction, the director owned 7,360,602 shares in the company, valued at approximately $76,844,684.88. This represents a 3.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

SkyWater Technology Trading Up 1.1%

Shares of SKYT stock traded up $0.13 during trading hours on Tuesday, hitting $11.51. The company had a trading volume of 1,323,685 shares, compared to its average volume of 1,168,186. The company's fifty day moving average is $10.86 and its 200 day moving average is $9.11. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.06 and a quick ratio of 0.97. SkyWater Technology, Inc. has a fifty-two week low of $5.67 and a fifty-two week high of $19.00. The stock has a market capitalization of $554.55 million, a PE ratio of -33.85 and a beta of 3.41.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of SkyWater Technology from a "sell" rating to a "hold" rating in a report on Friday, September 5th. Needham & Company LLC upped their price objective on shares of SkyWater Technology from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, SkyWater Technology presently has a consensus rating of "Buy" and a consensus price target of $13.00.

Institutional Investors Weigh In On SkyWater Technology

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new stake in SkyWater Technology during the 2nd quarter worth approximately $25,000. BNP Paribas Financial Markets lifted its holdings in SkyWater Technology by 56.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock worth $27,000 after buying an additional 991 shares in the last quarter. Financial Management Professionals Inc. acquired a new stake in SkyWater Technology during the 2nd quarter worth approximately $32,000. GAMMA Investing LLC lifted its holdings in SkyWater Technology by 941.3% during the 1st quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock worth $33,000 after buying an additional 4,170 shares in the last quarter. Finally, CWM LLC lifted its holdings in SkyWater Technology by 320.2% during the 1st quarter. CWM LLC now owns 5,719 shares of the company's stock worth $41,000 after buying an additional 4,358 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

About SkyWater Technology

SkyWater Technology, Inc, together with its subsidiaries, operates as a pure-play technology foundry that engages in the provision of semiconductor development, manufacturing, and packaging services in the United States. The company offers engineering and process development support services to co-create technologies with customers; and semiconductor manufacturing services for various silicon-based analog and mixed-signal, micro-electromechanical systems, and rad-hard integrated circuits.