Needham & Company LLC Issues Positive Forecast for SkyWater Technology (NASDAQ:SKYT) Stock Price

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 hoisted by Needham & Company LLC from $11.00 to $15.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, TD Cowen dropped their price objective on shares of SkyWater Technology from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

SkyWater Technology Stock Performance

SKYT stock traded up $1.23 on Thursday, hitting $14.08. The company's stock had a trading volume of 3,542,240 shares, compared to its average volume of 920,021. The stock has a market cap of $676.26 million, a price-to-earnings ratio of -41.41 and a beta of 3.38. The firm has a 50 day moving average of $9.81 and a two-hundred day moving average of $8.85. The company has a current ratio of 1.18, a quick ratio of 1.07 and a debt-to-equity ratio of 0.57. SkyWater Technology has a 1 year low of $5.67 and a 1 year high of $19.00.

Insider Activity at SkyWater Technology

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its position in SkyWater Technology by 64.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,849 shares of the company's stock valued at $39,000 after purchasing an additional 1,113 shares during the period. Financial Management Professionals Inc. purchased a new position in shares of SkyWater Technology during the 2nd quarter worth approximately $32,000. BNP Paribas Financial Markets acquired a new stake in shares of SkyWater Technology in the 4th quarter valued at approximately $50,000. GAMMA Investing LLC boosted its stake in shares of SkyWater Technology by 941.3% in the first quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock valued at $33,000 after buying an additional 4,170 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of SkyWater Technology by 320.2% in the first quarter. CWM LLC now owns 5,719 shares of the company's stock valued at $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.