SkyWater Technology (NASDAQ:SKYT) Shares Gap Up After Analyst Upgrade

Key Points

• SkyWater Technology's shares experienced a significant increase to $11.24 following an upgrade from Needham & Company, which raised its price target from $11.00 to $15.00.
• Despite the upgrade, TD Cowen has lowered its price target for the stock from $15.00 to $12.00 while maintaining a "buy" rating.
• Insiders have sold a total of 729,982 shares of SkyWater Technology stock in the last ninety days, indicating significant insider activity as the stock price fluctuates.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s share price gapped up before the market opened on Thursday after Needham & Company LLC raised their price target on the stock from $11.00 to $15.00. The stock had previously closed at $8.87, but opened at $11.24. Needham & Company LLC currently has a buy rating on the stock. SkyWater Technology shares last traded at $12.01, with a volume of 915,267 shares changing hands.

Separately, TD Cowen dropped their price target on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday, May 8th.

Insider Activity at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 67,345 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $9.44, for a total value of $635,736.80. Following the transaction, the director directly owned 10,446,708 shares of the company's stock, valued at approximately $98,616,923.52. The trade was a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Sonderman sold 14,958 shares of the business's stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 729,982 shares of company stock worth $6,933,545 over the last quarter. 37.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors have recently added to or reduced their stakes in the business. Creative Planning raised its position in shares of SkyWater Technology by 69.7% during the second quarter. Creative Planning now owns 34,283 shares of the company's stock worth $337,000 after purchasing an additional 14,085 shares during the period. Pekin Hardy Strauss Inc. acquired a new position in shares of SkyWater Technology during the second quarter worth approximately $276,000. Emerald Mutual Fund Advisers Trust raised its position in shares of SkyWater Technology by 18.6% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 714,144 shares of the company's stock worth $7,027,000 after purchasing an additional 111,847 shares during the period. Emerald Advisers LLC raised its position in shares of SkyWater Technology by 36.2% during the second quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company's stock worth $13,412,000 after purchasing an additional 362,267 shares during the period. Finally, GWN Securities Inc. bought a new stake in SkyWater Technology during the second quarter worth $148,000. 70.00% of the stock is owned by institutional investors and hedge funds.

SkyWater Technology Price Performance

The company has a fifty day moving average of $9.81 and a 200-day moving average of $8.81. The firm has a market cap of $656.40 million, a P/E ratio of -40.54 and a beta of 3.38. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 1.07.

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.