SkyWater Technology (NASDAQ:SKYT) Shares Up 4.4% - Still a Buy?

Key Points

• SkyWater Technology shares rose 4.4% to $10.48 amid reduced trading volume and a recent drop in analyst price targets.
• Analysts from Needham & Company and TD Cowen, while maintaining a "buy" rating, lowered their price targets to $11.00 and $12.00 respectively.
• Recent insider activity included CEO Thomas Sonderman selling nearly 15,000 shares, resulting in a 2.58% decrease in his overall ownership in the company.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s stock price rose 4.4% during trading on Monday . The stock traded as high as $10.40 and last traded at $10.48. Approximately 106,877 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 673,387 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SKYT shares. TD Cowen dropped their price objective on shares of SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Needham & Company LLC dropped their price target on SkyWater Technology from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Thursday, May 8th.

SkyWater Technology Price Performance

The business's 50 day moving average price is $9.65 and its two-hundred day moving average price is $8.89. The stock has a market cap of $421.75 million, a P/E ratio of -51.64 and a beta of 3.40. The company has a current ratio of 1.18, a quick ratio of 1.07 and a debt-to-equity ratio of 0.57.

Insider Transactions at SkyWater Technology

In other news, Director Loren A. Unterseher sold 67,345 shares of SkyWater Technology stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $9.44, for a total transaction of $635,736.80. Following the sale, the director owned 10,446,708 shares of the company's stock, valued at approximately $98,616,923.52. The trade was a 0.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Sonderman sold 14,958 shares of SkyWater Technology stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $10.04, for a total transaction of $150,178.32. Following the sale, the chief executive officer directly owned 565,465 shares in the company, valued at $5,677,268.60. The trade was a 2.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 729,982 shares of company stock worth $6,933,545 in the last ninety days. Insiders own 37.85% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. bought a new position in shares of SkyWater Technology in the second quarter worth approximately $32,000. GAMMA Investing LLC lifted 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 buying an additional 4,170 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of SkyWater Technology by 64.1% in 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 in the last quarter. CWM LLC lifted 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 buying an additional 4,358 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of SkyWater Technology in the fourth quarter worth approximately $50,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

About SkyWater Technology

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.