SkyWater Technology (NASDAQ:SKYT) Shares Gap Up - Should You Buy?

Key Points

• SkyWater Technology's share price gapped up from $12.06 to $12.44 before trading, indicating increased investor interest.
• Analysts have mixed views on the stock, with price targets ranging from $12.00 to $15.00, and an average rating of "Buy" with a consensus target price of $13.00.
• Insider transactions revealed that Director Loren A. Unterseher sold nearly 243,484 shares, indicating a decrease in personal ownership of the company stock.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.06, but opened at $12.44. SkyWater Technology shares last traded at $12.03, with a volume of 351,525 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SKYT shares. TD Cowen decreased their price target on shares of SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. 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 note on Thursday, August 7th. Finally, Wall Street Zen lowered shares of SkyWater Technology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $13.00.

SkyWater Technology Price Performance

The business's 50 day moving average price is $10.50 and its 200 day moving average price is $8.97. The stock has a market capitalization of $581.29 million, a P/E ratio of -35.44 and a beta of 3.38. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.06 and a quick ratio of 0.97.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 243,484 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $11.82, for a total value of $2,877,980.88. Following the transaction, the director owned 8,917,528 shares of the company's stock, valued at approximately $105,405,180.96. This trade represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Steve Manko sold 37,845 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $13.62, for a total transaction of $515,448.90. Following the completion of the transaction, the chief financial officer directly owned 368,407 shares in the company, valued at approximately $5,017,703.34. The trade was a 9.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,446,849 shares of company stock worth $17,052,424 over the last three months. 37.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

Several large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC lifted its holdings in SkyWater Technology by 405.4% during the second quarter. Squarepoint Ops LLC now owns 87,290 shares of the company's stock valued at $859,000 after purchasing an additional 70,019 shares in the last quarter. Marex Group plc bought a new stake in shares of SkyWater Technology during the second quarter valued at approximately $206,000. Sugar Maple Asset Management LLC bought a new stake in shares of SkyWater Technology during the second quarter valued at approximately $253,000. BNP Paribas Financial Markets boosted its stake in shares of SkyWater Technology by 56.4% during the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock valued at $27,000 after purchasing an additional 991 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in SkyWater Technology by 15.7% in the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company's stock worth $16,660,000 after acquiring an additional 229,954 shares during the period. 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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