SkyWater Technology (NASDAQ:SKYT) Rating Increased to Hold at Wall Street Zen

Key Points

• Stock analysts at Wall Street Zen upgraded SkyWater Technology (NASDAQ:SKYT) from a "sell" rating to a "hold" rating.
• TD Cowen reduced their price target for the stock from $15.00 to $12.00, while Needham & Company raised theirs from $11.00 to $15.00, indicating differing outlooks from research firms.
• Recent insider trading saw Director Loren A. Unterseher sell over 750,000 shares, reducing his position by 8.48%, while institutional ownership accounts for 70% of the company.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Friday.

Several other research analysts have also issued reports on the company. TD Cowen cut their price target 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 price target on SkyWater Technology from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, SkyWater Technology has an average rating of "Buy" and an average target price of $13.00.

SkyWater Technology Trading Up 3.6%

Shares of SkyWater Technology stock traded up $0.35 on Friday, hitting $10.19. 1,501,742 shares of the company's stock traded hands, compared to its average volume of 1,084,634. SkyWater Technology has a one year low of $5.67 and a one year high of $19.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.06 and a quick ratio of 0.97. The company has a fifty day moving average of $10.83 and a two-hundred day moving average of $9.08. The company has a market capitalization of $490.95 million, a price-to-earnings ratio of -29.97 and a beta of 3.41.

Insider Buying and Selling

In other SkyWater Technology news, Director Loren A. Unterseher sold 229,029 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $10.44, for a total value of $2,391,062.76. Following the completion of the sale, the director directly owned 7,360,602 shares of the company's stock, valued at $76,844,684.88. This trade represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas Sonderman sold 8,355 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $10.58, for a total value of $88,395.90. Following the completion of the sale, the chief executive officer directly owned 532,174 shares of the company's stock, valued at $5,630,400.92. This represents a 1.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,883,846 shares of company stock valued at $34,405,183 over the last ninety days. 37.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

Several hedge funds have recently made changes to their positions in SKYT. Emerald Advisers LLC grew its position in shares of SkyWater Technology by 36.2% in the second quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company's stock valued at $13,412,000 after purchasing an additional 362,267 shares in the last quarter. Nuveen LLC bought a new stake in SkyWater Technology during the first quarter valued at $1,919,000. Ameriprise Financial Inc. boosted its stake in SkyWater Technology by 15.7% during the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company's stock valued at $16,660,000 after buying an additional 229,954 shares during the period. Nuveen Asset Management LLC boosted its stake in SkyWater Technology by 414.5% during the fourth 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 period. Finally, AQR Capital Management LLC boosted its stake in SkyWater Technology by 112.0% during the first 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 period. 70.00% of the stock is currently owned by hedge funds and other 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.