SkyWater Technology (NASDAQ:SKYT) Shares Up 9.9% - Here's What Happened

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) traded up 9.9% during mid-day trading on Thursday . The company traded as high as $10.47 and last traded at $10.42. 722,837 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 609,187 shares. The stock had previously closed at $9.48.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SKYT. Needham & Company LLC reduced their price objective on SkyWater Technology from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. TD Cowen cut their price target on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

SkyWater Technology Stock Up 10.2%

The firm has a fifty day simple moving average of $8.29 and a 200 day simple moving average of $9.36. The company has a market cap of $501.91 million, a PE ratio of -61.47 and a beta of 3.43. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.07 and a current ratio of 1.18.

Insiders Place Their Bets

In related news, Director Loren A. Unterseher sold 366,418 shares of SkyWater Technology stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $9.54, for a total transaction of $3,495,627.72. Following the sale, the director now owns 10,660,365 shares of the company's stock, valued at $101,699,882.10. The trade was a 3.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 715,024 shares of company stock worth $6,783,366 over the last ninety days. 37.85% of the stock is owned by company insiders.

Institutional Trading of SkyWater Technology

Institutional investors have recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new stake in shares of SkyWater Technology in the 1st quarter valued at about $1,919,000. Nuveen Asset Management LLC increased its holdings in SkyWater Technology by 414.5% in the fourth quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company's stock valued at $3,836,000 after buying an additional 223,940 shares during 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. Trexquant Investment LP lifted its holdings in SkyWater Technology by 169.7% during the 4th quarter. Trexquant Investment LP now owns 236,498 shares of the company's stock worth $3,264,000 after buying an additional 148,802 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in SkyWater Technology by 394.2% during the 4th quarter. Bank of America Corp DE now owns 163,645 shares of the company's stock worth $2,258,000 after buying an additional 130,529 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

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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