SkyWater Technology (NASDAQ:SKYT) Shares Gap Up - Here's What Happened

Key Points

• S kyWater Technology shares opened at $19.89, up from a previous close of $18.81, with a trading volume of 212,598 shares.
• Despite a recent upgrade from a sell to a hold rating by Wall Street Zen, Weiss Ratings still maintains a "sell" rating, while Needham & Company raised their price target to $15.00 with a "buy" rating.
• Recent insider transactions include the sale of 120,370 shares by Director Loren A. Unterseher, totaling over $2.1 million, reducing his ownership by 1.74%.

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $18.81, but opened at $19.89. SkyWater Technology shares last traded at $19.56, with a volume of 212,598 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SKYT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SkyWater Technology in a report on Wednesday, October 8th. Needham & Company LLC boosted 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. Finally, Wall Street Zen raised SkyWater Technology from a "sell" rating to a "hold" rating in a report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $13.00.

SkyWater Technology Stock Performance

The stock has a 50-day simple moving average of $13.76 and a 200-day simple moving average of $10.39. 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 stock has a market cap of $908.14 million, a PE ratio of -55.16 and a beta of 3.51.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 120,370 shares of the business's stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $18.02, for a total transaction of $2,169,067.40. Following the completion of the sale, the director owned 6,811,256 shares of the company's stock, valued at approximately $122,738,833.12. The trade was a 1.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Sonderman sold 8,355 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $10.58, for a total value of $88,395.90. Following the sale, the chief executive officer directly owned 532,174 shares of the company's stock, valued at approximately $5,630,400.92. This trade represents a 1.55% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,402,446 shares of company stock valued at $41,689,461. Company insiders own 37.85% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

Institutional investors have recently added to or reduced their stakes in the company. Emerald Advisers LLC lifted its stake 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 in the last quarter. Nuveen LLC acquired a new stake in SkyWater Technology during the first quarter valued at approximately $1,919,000. Ameriprise Financial Inc. raised 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 in the last quarter. AQR Capital Management LLC raised 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 in the last quarter. Finally, Emerald Mutual Fund Advisers Trust grew its holdings 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 valued at $7,027,000 after purchasing an additional 111,847 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.

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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