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 stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Friday.

Several other research firms also recently weighed in on SKYT. TD Cowen dropped their price target on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC upped their price objective on shares of SkyWater Technology from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $13.00.

SkyWater Technology Trading Down 5.6%

SKYT opened at $10.20 on Friday. SkyWater Technology has a 12 month low of $5.67 and a 12 month high of $19.00. The stock has a 50-day moving average of $10.83 and a 200 day moving average of $9.06. The firm has a market cap of $491.44 million, a P/E ratio of -30.00 and a beta of 3.41. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 0.68.

Insider Buying and Selling at SkyWater Technology

In related news, Director Loren A. Unterseher sold 756,516 shares of SkyWater Technology stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $12.06, for a total value of $9,123,582.96. Following the transaction, the director owned 8,161,012 shares in the company, valued at $98,421,804.72. This trade represents a 8.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 2,754,869 shares of company stock worth $32,930,579. 37.85% of the stock is currently owned by company insiders.

Institutional Trading of SkyWater Technology

A number of hedge funds have recently modified their holdings of SKYT. Squarepoint Ops LLC lifted its position in shares of SkyWater Technology by 405.4% during the 2nd quarter. Squarepoint Ops LLC now owns 87,290 shares of the company's stock valued at $859,000 after acquiring an additional 70,019 shares during the period. Marex Group plc bought a new position in shares of SkyWater Technology in the second quarter worth approximately $206,000. Sugar Maple Asset Management LLC purchased a new stake in SkyWater Technology in the second quarter worth $253,000. BNP Paribas Financial Markets raised its position in shares of SkyWater Technology by 56.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock worth $27,000 after purchasing an additional 991 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in SkyWater Technology by 15.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company's stock worth $16,660,000 after buying an additional 229,954 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

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.

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