SkyWater Technology (NASDAQ:SKYT) Stock Price Up 7.2% - Time to Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) rose 7.2% on Thursday . The stock traded as high as $10.83 and last traded at $10.97. Approximately 219,110 shares traded hands during trading, a decline of 65% from the average daily volume of 625,253 shares. The stock had previously closed at $10.23.

Wall Street Analyst Weigh In

SKYT has been the topic of a number of analyst reports. Needham & Company LLC cut their price objective on shares of 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 decreased their price objective 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.

SkyWater Technology Price Performance

The stock's 50 day moving average price is $9.37 and its 200-day moving average price is $9.10. 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 stock has a market capitalization of $506.24 million, a PE ratio of -62.00 and a beta of 3.40.

Insider Transactions at SkyWater Technology

In other news, CEO Thomas Sonderman sold 14,958 shares of SkyWater Technology stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $10.04, for a total transaction 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 approximately $5,677,268.60. The trade was a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Loren A. Unterseher sold 366,418 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $9.54, for a total value of $3,495,627.72. Following the transaction, the director owned 10,660,365 shares in the company, valued at $101,699,882.10. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 729,982 shares of company stock worth $6,933,545 over the last 90 days. Insiders own 37.85% of the company's stock.

Institutional Trading of SkyWater Technology

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

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.