SkyWater Technology (NASDAQ:SKYT) Trading 8.7% Higher - Should You Buy?

Key Points

• SkyWater Technology shares rose by 8.7% on Tuesday, with the stock trading as high as $20.46, although overall trading volume decreased by 54% compared to the average.
• Investment analysts have mixed ratings for SkyWater, with a consensus rating of "Moderate Buy" and an average price target of $13.00 after recent upgrades and downgrades from various firms.
• Insider trading activity included significant share sales by CFO Steve Manko and Director Loren A. Unterseher, which has led to a reported 3,402,446 shares sold by insiders in the last three months.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shares traded up 8.7% on Tuesday . The company traded as high as $19.88 and last traded at $20.46. 433,938 shares changed hands during trading, a decline of 54% from the average session volume of 952,408 shares. The stock had previously closed at $18.82.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen raised shares of SkyWater Technology from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Needham & Company LLC raised their price objective 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, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SkyWater Technology in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.00.

SkyWater Technology Price Performance

The stock has a market capitalization of $933.97 million, a PE ratio of -57.13 and a beta of 3.51. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 0.68. The company's 50 day simple moving average is $13.57 and its 200 day simple moving average is $10.33.

Insiders Place Their Bets

In other news, CFO Steve Manko sold 60,829 shares of the business's stock in a transaction on Friday, September 26th. The shares were sold at an average price of $17.40, for a total transaction of $1,058,424.60. Following the completion of the sale, the chief financial officer directly owned 327,122 shares of the company's stock, valued at $5,691,922.80. The trade was a 15.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Loren A. Unterseher sold 120,370 shares of the business's stock in a transaction on Friday, September 26th. The shares were sold at an average price of $18.02, for a total transaction of $2,169,067.40. Following the sale, the director directly owned 6,811,256 shares of the company's stock, valued at $122,738,833.12. This represents a 1.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 3,402,446 shares of company stock valued at $41,689,461. Company insiders own 37.85% of the company's stock.

Institutional Trading of SkyWater Technology

Several institutional investors have recently made changes to their positions in SKYT. Federated Hermes Inc. purchased a new stake in shares of SkyWater Technology during the 2nd quarter valued at $25,000. BNP Paribas Financial Markets lifted its holdings in shares of SkyWater Technology by 56.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock valued at $27,000 after acquiring an additional 991 shares in the last quarter. Financial Management Professionals Inc. acquired a new position in shares of SkyWater Technology during the 2nd quarter valued at $32,000. GAMMA Investing LLC lifted its holdings in shares of SkyWater Technology by 941.3% during the 1st quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock valued at $33,000 after acquiring an additional 4,170 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of SkyWater Technology by 320.2% during 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 in the last quarter. 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.

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