SkyWater Technology (NASDAQ:SKYT) Price Target Raised to $15.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised its price target for SkyWater Technology from $11.00 to $15.00, indicating a potential upside of 69.11% based on the stock's previous close.
• In contrast, TD Cowen has lowered its price target for the company from $15.00 to $12.00 while maintaining a "buy" rating.
• Insider trading reports show that CEO Thomas Sonderman and Director Loren A. Unterseher have sold significant shares, with insiders owning 37.85% of the stock overall.

SkyWater Technology (NASDAQ:SKYT - Free Report) had its price objective lifted by Needham & Company LLC from $11.00 to $15.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, TD Cowen lowered their target price 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, May 8th.

SkyWater Technology Trading Down 2.1%

SkyWater Technology stock traded down $0.29 during midday trading on Thursday, hitting $13.79. 1,003,911 shares of the stock were exchanged, compared to its average volume of 734,318. SkyWater Technology 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 $662.40 million, a price-to-earnings ratio of -40.63 and a beta of 3.38. The stock's 50-day simple moving average is $9.81 and its 200 day simple moving average is $8.81. The company has a current ratio of 1.18, a quick ratio of 1.07 and a debt-to-equity ratio of 0.57.

Insider Activity at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 366,418 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $9.54, for a total transaction of $3,495,627.72. Following the sale, the director owned 10,660,365 shares of the company's stock, valued at approximately $101,699,882.10. This trade represents a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Sonderman sold 14,958 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $10.04, for a total transaction of $150,178.32. Following the sale, the chief executive officer directly owned 565,465 shares in the company, valued at approximately $5,677,268.60. The trade was a 2.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 729,982 shares of company stock valued at $6,933,545. Insiders own 37.85% of the company's stock.

Hedge Funds Weigh In On SkyWater Technology

A number of institutional investors have recently modified their holdings of SKYT. Emerald Advisers LLC increased its holdings in shares of SkyWater Technology by 36.2% in the 2nd quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company's stock valued at $13,412,000 after acquiring an additional 362,267 shares during the period. Nuveen LLC purchased a new position in SkyWater Technology in the 1st quarter valued at $1,919,000. Nuveen Asset Management LLC grew its position in SkyWater Technology by 414.5% in the 4th quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company's stock valued at $3,836,000 after buying an additional 223,940 shares during the last quarter. AQR Capital Management LLC grew its position in SkyWater Technology by 112.0% in the 1st quarter. AQR Capital Management LLC now owns 313,993 shares of the company's stock valued at $2,226,000 after buying an additional 165,865 shares during the last quarter. Finally, Bank of America Corp DE grew its position in SkyWater Technology by 394.2% in the 4th quarter. Bank of America Corp DE now owns 163,645 shares of the company's stock valued at $2,258,000 after buying an additional 130,529 shares during the last quarter. 70.00% of the stock is 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.