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

Key Points

• SkyWater Technology's stock experienced a significant **gap up**, opening at **$16.15** after a previous close of **$15.40**, and last trading at **$16.67** with over **1.35 million** shares exchanged.
• Analysts have upgrades for SkyWater Technology, with **Needham & Company** raising its price target from **$11.00** to **$15.00**, while the average price target among analysts is currently **$13.00**.
• Recent insider transactions saw **Director Loren A. Unterseher** sell **120,000 shares** for **$1.57 million**, indicating a **1.67%** reduction in ownership, while **CFO Steve Manko** sold **43,383 shares**, decreasing his holdings by **10.54%**.

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $15.40, but opened at $16.15. SkyWater Technology shares last traded at $16.67, with a volume of 1,353,826 shares.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SKYT shares. Wall Street Zen upgraded SkyWater Technology from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. 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 research note on Thursday, August 7th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $13.00.

SkyWater Technology Stock Performance

The company has a market cap of $812.51 million, a PE ratio of -48.93 and a beta of 3.41. 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 business has a 50-day moving average of $11.46 and a 200 day moving average of $9.40.

Insider Activity at SkyWater Technology

In related news, 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 completion of the sale, the director owned 7,051,626 shares in the company, valued at approximately $92,376,300.60. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steve Manko sold 43,383 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $15.13, for a total value of $656,384.79. Following the sale, the chief financial officer directly owned 368,407 shares of the company's stock, valued at $5,573,997.91. This represents a 10.54% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,221,247 shares of company stock worth $38,461,969. 37.85% of the stock is owned by insiders.

Institutional Trading of SkyWater Technology

Hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. bought a new stake in SkyWater Technology during the second quarter valued at about $25,000. BNP Paribas Financial Markets grew its holdings in 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. Financial Management Professionals Inc. bought a new position in shares of SkyWater Technology in the second quarter worth about $32,000. GAMMA Investing LLC boosted its stake in shares of SkyWater Technology by 941.3% in the first quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock worth $33,000 after acquiring an additional 4,170 shares during the period. Finally, CWM LLC boosted its stake in shares of SkyWater Technology by 320.2% in the first quarter. CWM LLC now owns 5,719 shares of the company's stock worth $41,000 after acquiring an additional 4,358 shares during the period. 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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