SkyWater Technology (NASDAQ:SKYT) Downgraded by Wall Street Zen to Sell

Key Points

• SkyWater Technology was downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, indicating a shift in analyst sentiment about the company's stock.
• Despite the downgrade, Needham & Company raised their price target for SkyWater from $11.00 to $15.00 and maintained a "buy" rating, while TD Cowen lowered their target from $15.00 to $12.00, also keeping a "buy" rating.
• Insider transactions revealed significant stock sales, with CEO Thomas Sonderman and Director Loren A. Unterseher selling shares, which reduced their holdings by 2.58% and 3.32%, respectively.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

SKYT has been the topic of several other research reports. TD Cowen dropped their target price on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC increased their target price on SkyWater Technology from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th.

SkyWater Technology Stock Down 7.3%

Shares of SKYT stock traded down $1.00 on Friday, hitting $12.56. 1,979,841 shares of the stock were exchanged, compared to its average volume of 745,393. The company has a current ratio of 1.18, a quick ratio of 1.07 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $604.90 million, a P/E ratio of -36.93 and a beta of 3.38. The business has a 50-day moving average of $9.90 and a 200 day moving average of $8.83. SkyWater Technology has a fifty-two week low of $5.67 and a fifty-two week high of $19.00.

Insider Buying and Selling at SkyWater Technology

In related news, Director Loren A. Unterseher sold 67,345 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $9.44, for a total transaction of $635,736.80. Following the sale, the director owned 10,446,708 shares of the company's stock, valued at $98,616,923.52. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Sonderman sold 14,958 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $10.04, for a total value 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. This trade represents a 2.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 729,982 shares of company stock worth $6,933,545. 37.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. American Century Companies Inc. bought a new position in SkyWater Technology during the 2nd quarter worth $377,000. Rhumbline Advisers raised its position in SkyWater Technology by 27.4% during the 2nd quarter. Rhumbline Advisers now owns 47,643 shares of the company's stock worth $469,000 after purchasing an additional 10,246 shares during the last quarter. Creative Planning raised its position in shares of SkyWater Technology by 69.7% in the 2nd quarter. Creative Planning now owns 34,283 shares of the company's stock worth $337,000 after acquiring an additional 14,085 shares in the last quarter. Pekin Hardy Strauss Inc. bought a new position in shares of SkyWater Technology in the 2nd quarter worth about $276,000. Finally, Emerald Mutual Fund Advisers Trust raised its position in shares of SkyWater Technology by 18.6% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 714,144 shares of the company's stock worth $7,027,000 after acquiring an additional 111,847 shares in the last quarter. 70.00% of the stock is owned by institutional investors.

SkyWater Technology Company Profile

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.