SkyWater Technology (NASDAQ:SKYT) Trading Down 5.8% - Here's What Happened

Key Points

• SkyWater Technology's share price dropped by 5.8%, ending trading at $11.29 after previously closing at $11.99, with volume declining significantly to 158,547 shares.
• Brokerages provided mixed ratings, with one cutting its rating from "hold" to "sell" while others maintained "buy" ratings, with an average price target of $13.00.
• Insider trading included significant sales, with Director Loren A. Unterseher selling over 311,000 shares, reducing their ownership by 3.91%, and the CEO also selling a notable number of shares.

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shares were down 5.8% during mid-day trading on Tuesday . The stock traded as low as $11.30 and last traded at $11.29. Approximately 158,547 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 777,386 shares. The stock had previously closed at $11.99.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SKYT shares. Wall Street Zen upgraded SkyWater Technology from a "sell" rating to a "hold" rating in a research report on Friday. Needham & Company LLC boosted their price objective on SkyWater Technology from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $13.00.

SkyWater Technology Trading Down 5.6%

The stock has a market cap of $491.44 million, a price-to-earnings ratio of -30.00 and a beta of 3.41. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.97 and a current ratio of 1.06. The business has a 50-day simple moving average of $10.83 and a two-hundred day simple moving average of $9.05.

Insider Activity

In other news, Director Loren A. Unterseher sold 60,767 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $12.08, for a total transaction of $734,065.36. Following the sale, the director owned 7,600,245 shares in the company, valued at $91,810,959.60. This represents a 0.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 2,754,869 shares of company stock worth $32,930,579. Corporate insiders own 37.85% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

A number of large investors have recently added to or reduced their stakes in SKYT. Emerald Advisers LLC raised its stake in SkyWater Technology by 36.2% in the 2nd quarter. Emerald Advisers LLC now owns 1,362,983 shares of the company's stock valued at $13,412,000 after acquiring an additional 362,267 shares during the period. Nuveen LLC bought a new position in SkyWater Technology during the 1st quarter worth $1,919,000. Ameriprise Financial Inc. increased its position in SkyWater Technology by 15.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company's stock worth $16,660,000 after buying an additional 229,954 shares during the period. Nuveen Asset Management LLC increased its position in SkyWater Technology by 414.5% during the 4th quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company's stock worth $3,836,000 after buying an additional 223,940 shares during the period. Finally, AQR Capital Management LLC increased its position in SkyWater Technology by 112.0% during the 1st quarter. AQR Capital Management LLC now owns 313,993 shares of the company's stock worth $2,226,000 after buying an additional 165,865 shares during the period. 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.