SkyWater Technology (NASDAQ:SKYT) Shares Gap Down After Insider Selling

Key Points

• SkyWater Technology's shares dropped after insider selling, with CFO Steve Manko selling 43,383 shares, and stock opening at $14.34 compared to a previous close of $15.30.
• Analysts have revised their ratings, with Needham & Company increasing its price target to $15.00 and Wall Street Zen upgrading the stock from "sell" to "hold," contributing to a consensus "Buy" rating.
• Institutional investors have significantly increased their positions in SkyWater, with GAMMA Investing LLC raising its stake by over 7,282% during the first quarter.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $15.30, but opened at $14.34. SkyWater Technology shares last traded at $14.96, with a volume of 167,807 shares changing hands.

Specifically, CFO Steve Manko sold 43,383 shares of SkyWater Technology stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $15.13, for a total transaction of $656,384.79. Following the completion of the transaction, the chief financial officer directly owned 368,407 shares in the company, valued at $5,573,997.91. The trade was a 10.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Loren A. Unterseher sold 120,000 shares of the company's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $13.10, for a total transaction of $1,572,000.00. Following the sale, the director directly owned 7,051,626 shares of the company's stock, valued at approximately $92,376,300.60. This trade represents a 1.67% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of SkyWater Technology from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Needham & Company LLC increased their price target on shares of SkyWater Technology from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $13.00.

SkyWater Technology Trading Down 0.6%

The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 0.68. The company has a market cap of $732.72 million, a PE ratio of -44.63 and a beta of 3.41. The business's 50-day simple moving average is $11.36 and its 200-day simple moving average is $9.35.

Hedge Funds Weigh In On SkyWater Technology

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of SkyWater Technology by 7,282.8% during the first quarter. GAMMA Investing LLC now owns 32,706 shares of the company's stock worth $232,000 after buying an additional 32,263 shares during the last quarter. AlphaQuest LLC increased its position in SkyWater Technology by 159.9% during the first quarter. AlphaQuest LLC now owns 43,483 shares of the company's stock worth $308,000 after acquiring an additional 26,754 shares during the period. Nuveen LLC acquired a new stake in SkyWater Technology during the first quarter worth about $1,919,000. Cubist Systematic Strategies LLC acquired a new stake in shares of SkyWater Technology in the 1st quarter valued at approximately $464,000. Finally, Nuveen Asset Management LLC raised its holdings in 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 buying an additional 223,940 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.

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