SkyWater Technology (NASDAQ:SKYT) Shares Down 5.2% After Insider Selling

Key Points

• SkyWater Technology's stock price fell by 5.2%, closing at $12.85, with a significant drop in trading volume of 55% compared to the average.
• Analyst opinions are mixed, with Needham & Company raising their target price to $15.00 while Wall Street Zen downgraded the stock from "hold" to "sell."
• Insider trading activity included CEO Thomas Sonderman selling 14,958 shares, decreasing his ownership by 2.58%, as hedge funds recently increased their stakes in SkyWater Technology.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) dropped 5.2% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $12.90 and last traded at $12.85. Approximately 328,999 shares changed hands during trading, a decline of 55% from the average daily volume of 735,899 shares. The stock had previously closed at $13.55.

Specifically, CFO Steve Manko sold 37,845 shares of SkyWater Technology stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $13.62, for a total transaction of $515,448.90. Following the completion of the sale, the chief financial officer owned 368,407 shares in the company, valued at approximately $5,017,703.34. This trade represents a 9.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

A number of analysts have recently issued reports on SKYT shares. TD Cowen dropped their price target on SkyWater Technology from $15.00 to $12.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen downgraded SkyWater Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Needham & Company LLC lifted their price target on SkyWater Technology from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, August 7th.

SkyWater Technology Stock Down 3.7%

The stock has a 50-day moving average of $10.09 and a two-hundred day moving average of $8.89. The company has a market cap of $569.01 million, a P/E ratio of -34.73 and a beta of 3.38. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.07 and a current ratio of 1.06.

Institutional Trading of SkyWater Technology

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in SkyWater Technology by 7,282.8% in the 1st quarter. GAMMA Investing LLC now owns 32,706 shares of the company's stock worth $232,000 after buying an additional 32,263 shares during the last quarter. Vanguard Group Inc. lifted its position in SkyWater Technology by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 1,448,738 shares of the company's stock worth $19,993,000 after buying an additional 40,060 shares during the last quarter. Deutsche Bank AG lifted its position in SkyWater Technology by 605.2% in the 4th quarter. Deutsche Bank AG now owns 83,605 shares of the company's stock worth $1,154,000 after buying an additional 71,750 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of SkyWater Technology in the 4th quarter valued at about $1,510,000. Finally, Franklin Resources Inc. bought a new stake in shares of SkyWater Technology in the 4th quarter valued at about $546,000. Institutional investors 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.