SkyWater Technology (NASDAQ:SKYT) Shares Gap Up Following 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.

Separately, TD Cowen lowered their price objective on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.

Insiders Place Their Bets

In other SkyWater Technology news, Director Loren A. Unterseher sold 67,345 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were 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 $98,616,923.52. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Sonderman sold 14,958 shares of the company'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 sale, the chief executive officer owned 565,465 shares of the company's stock, valued at $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 have sold 729,982 shares of company stock valued at $6,933,545 in the last ninety days. Insiders own 37.85% of the company's stock.

Institutional Trading of SkyWater Technology

Large investors have recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. acquired a new position in shares of SkyWater Technology during the 2nd quarter valued at about $32,000. GAMMA Investing LLC grew its stake in shares of SkyWater Technology by 941.3% in the 1st quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock valued at $33,000 after buying an additional 4,170 shares during the period. Summit Investment Advisors Inc. grew its stake in shares of SkyWater Technology by 64.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,849 shares of the company's stock valued at $39,000 after buying an additional 1,113 shares during the period. CWM LLC raised its position in shares of SkyWater Technology by 320.2% during the 1st quarter. CWM LLC now owns 5,719 shares of the company's stock valued at $41,000 after buying an additional 4,358 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in SkyWater Technology in the fourth quarter valued at approximately $50,000. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

SkyWater Technology Stock Up 35.3%

The firm has a 50-day moving average of $9.63 and a two-hundred day moving average of $8.82. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $576.26 million, a PE ratio of -70.64 and a beta of 3.38.

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.

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