SkyWater Technology (NASDAQ:SKYT) Price Target Cut to $12.00

SkyWater Technology (NASDAQ:SKYT - Get Free Report) had its price target cut by research analysts at Craig Hallum from $16.00 to $12.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Craig Hallum's target price indicates a potential upside of 80.45% from the stock's previous close.

SKYT has been the subject of several other research reports. Needham & Company LLC decreased their price objective on shares of SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday. TD Cowen upped their price objective on shares of SkyWater Technology from $12.00 to $15.00 and gave the company an "outperform" rating in a research note on Tuesday, February 27th. Finally, Piper Sandler upped their price objective on shares of SkyWater Technology from $9.00 to $14.00 and gave the company an "overweight" rating in a research note on Tuesday, February 27th.

SkyWater Technology Stock Down 32.6 %

Shares of SkyWater Technology stock traded down $3.22 during trading hours on Thursday, reaching $6.65. 2,629,595 shares of the company were exchanged, compared to its average volume of 421,133. The firm has a market cap of $314.81 million, a PE ratio of -10.58 and a beta of 4.18. The stock's fifty day moving average is $10.18 and its 200 day moving average is $8.82. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.91 and a current ratio of 1.02. SkyWater Technology has a 1 year low of $4.73 and a 1 year high of $12.97.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last posted its earnings results on Monday, February 26th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.12. The firm had revenue of $79.15 million for the quarter, compared to analyst estimates of $74.90 million. SkyWater Technology had a negative return on equity of 30.58% and a negative net margin of 10.73%. As a group, equities research analysts forecast that SkyWater Technology will post -0.05 earnings per share for the current year.

Insider Transactions at SkyWater Technology

In other news, CEO Thomas Sonderman sold 18,989 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $10.01, for a total transaction of $190,079.89. Following the completion of the sale, the chief executive officer now owns 498,413 shares in the company, valued at $4,989,114.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Loren A. Unterseher sold 10,520 shares of the firm's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $11.50, for a total value of $120,980.00. Following the completion of the sale, the director now owns 13,441,773 shares in the company, valued at $154,580,389.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas Sonderman sold 18,989 shares of the firm's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $10.01, for a total transaction of $190,079.89. Following the completion of the sale, the chief executive officer now owns 498,413 shares of the company's stock, valued at approximately $4,989,114.13. The disclosure for this sale can be found here. Over the last quarter, insiders sold 398,218 shares of company stock worth $4,787,187. Company insiders own 42.55% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new position in SkyWater Technology in the third quarter valued at about $485,000. Barclays PLC increased its holdings in SkyWater Technology by 549.4% in the third quarter. Barclays PLC now owns 22,807 shares of the company's stock valued at $137,000 after buying an additional 19,295 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new position in SkyWater Technology in the third quarter valued at about $72,000. Gamco Investors INC. ET AL increased its holdings in SkyWater Technology by 280.3% in the third quarter. Gamco Investors INC. ET AL now owns 53,050 shares of the company's stock valued at $319,000 after buying an additional 39,100 shares in the last quarter. Finally, Gabelli Funds LLC increased its holdings in SkyWater Technology by 151.8% in the third quarter. Gabelli Funds LLC now owns 59,927 shares of the company's stock valued at $361,000 after buying an additional 36,130 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

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.