SkyWater Technology (NASDAQ:SKYT) Trading Down 3.8% - Here's What Happened

Key Points

• SkyWater Technology shares fell by 3.8% on Friday, closing at $19.24 with a significantly reduced trading volume of about 290,506 shares, compared to the average of 913,667.
• Analysts have varied opinions on the stock, with Wall Street Zen upgrading it to a "hold" rating while Weiss Ratings maintained a "sell" rating; the consensus rating is "Moderate Buy" with a target price of $13.00.
• Significant insider transactions were reported, including Director Loren A. Unterseher selling 756,516 shares at an average price of $12.06, indicating a notable decrease in their ownership position.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shares were down 3.8% on Friday . The company traded as low as $19.24 and last traded at $19.24. Approximately 290,506 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 913,667 shares. The stock had previously closed at $20.00.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of SkyWater Technology from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SkyWater Technology in a research note on Saturday, September 27th. Finally, Needham & Company LLC raised 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 and one has issued a Sell rating to the stock. Based on data from MarketBeat, SkyWater Technology has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

SkyWater Technology Trading Down 8.1%

The business has a 50-day moving average of $12.29 and a two-hundred day moving average of $9.77. The company has a quick ratio of 0.97, a current ratio of 1.06 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $885.07 million, a price-to-earnings ratio of -54.03 and a beta of 3.51.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 756,516 shares of SkyWater Technology stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $12.06, for a total transaction of $9,123,582.96. Following the completion of the transaction, the director directly owned 8,161,012 shares of the company's stock, valued at $98,421,804.72. This trade represents a 8.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 3,402,446 shares of company stock worth $41,689,461 in the last three months. Corporate insiders own 37.85% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its position in SkyWater Technology by 56.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock worth $27,000 after purchasing an additional 991 shares during the last quarter. NewEdge Advisors LLC increased its position in SkyWater Technology by 15.4% in the second quarter. NewEdge Advisors LLC now owns 9,350 shares of the company's stock worth $92,000 after purchasing an additional 1,250 shares during the period. Deutsche Bank AG boosted its stake in shares of SkyWater Technology by 1.6% in the 1st quarter. Deutsche Bank AG now owns 84,977 shares of the company's stock valued at $602,000 after purchasing an additional 1,372 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of SkyWater Technology during the 2nd quarter worth approximately $25,000. Finally, Emerald Mutual Fund Advisers Trust raised its stake in shares of SkyWater Technology by 0.4% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 602,297 shares of the company's stock worth $4,270,000 after buying an additional 2,555 shares during the last quarter. Institutional investors and hedge funds 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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