SkyWater Technology (NASDAQ:SKYT) Price Target Cut to $11.00 by Analysts at Needham & Company LLC

SkyWater Technology (NASDAQ:SKYT - Free Report) had its price objective reduced by Needham & Company LLC from $12.00 to $11.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, TD Cowen dropped 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 report on Thursday, May 8th.

SkyWater Technology Price Performance

Shares of NASDAQ:SKYT traded up $0.72 during midday trading on Thursday, hitting $8.43. The stock had a trading volume of 541,785 shares, compared to its average volume of 571,917. The company's 50-day moving average price is $7.28 and its 200-day moving average price is $9.36. The company has a market capitalization of $404.94 million, a P/E ratio of -24.09 and a beta of 3.40. The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53. SkyWater Technology has a fifty-two week low of $5.63 and a fifty-two week high of $19.00.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.10. The company had revenue of $75.49 million during the quarter, compared to analysts' expectations of $74.25 million. SkyWater Technology had a negative net margin of 4.75% and a negative return on equity of 12.40%. As a group, equities research analysts predict that SkyWater Technology will post -0.22 EPS for the current fiscal year.

Insider Activity at SkyWater Technology

In related news, Director Gregory B. Graves sold 12,844 shares of SkyWater Technology stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $8.11, for a total transaction of $104,164.84. Following the sale, the director now directly owns 14,285 shares of the company's stock, valued at approximately $115,851.35. The trade was a 47.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 37.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SkyWater Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SKYT. Baillie Gifford & Co. grew its holdings in shares of SkyWater Technology by 65.4% during the 4th quarter. Baillie Gifford & Co. now owns 1,665,284 shares of the company's stock valued at $22,981,000 after purchasing an additional 658,431 shares during the last quarter. Nuveen LLC bought a new stake in shares of SkyWater Technology in the 1st quarter valued at $1,919,000. Nuveen Asset Management LLC boosted its stake in shares of 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 purchasing an additional 223,940 shares during the last quarter. Trexquant Investment LP boosted its stake in shares of SkyWater Technology by 169.7% in the 4th quarter. Trexquant Investment LP now owns 236,498 shares of the company's stock valued at $3,264,000 after purchasing an additional 148,802 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of 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 purchasing an additional 130,529 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

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.