SkyWater Technology (NASDAQ:SKYT) Upgraded by Zacks Research to "Hold" Rating

SkyWater Technology (NASDAQ:SKYT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Craig Hallum cut SkyWater Technology from a "buy" rating to a "hold" rating and set a $35.00 price target on the stock. in a report on Tuesday, January 27th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of SkyWater Technology in a report on Friday, March 27th. Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a report on Monday, January 26th. Piper Sandler cut SkyWater Technology from an "overweight" rating to a "neutral" rating and upped their price target for the company from $17.00 to $35.00 in a report on Monday, January 26th. Finally, TD Cowen cut SkyWater Technology from a "buy" rating to a "hold" rating and upped their price target for the company from $24.00 to $35.00 in a report on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $32.00.

SkyWater Technology Stock Performance

Shares of NASDAQ SKYT opened at $31.16 on Monday. SkyWater Technology has a 12-month low of $6.69 and a 12-month high of $36.27. The company has a market cap of $1.53 billion, a PE ratio of 12.82 and a beta of 3.47. The stock has a 50 day simple moving average of $29.37 and a 200-day simple moving average of $24.53. The company has a current ratio of 0.60, a quick ratio of 0.52 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.02). SkyWater Technology had a negative return on equity of 6.89% and a net margin of 26.90%.The firm had revenue of $171.04 million for the quarter, compared to the consensus estimate of $160.05 million. During the same period in the previous year, the firm earned $0.04 EPS. SkyWater Technology's revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts forecast that SkyWater Technology will post -0.42 EPS for the current year.

Insider Buying and Selling

In other news, CFO Steve Manko sold 84,215 shares of the business's stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $30.41, for a total transaction of $2,560,978.15. Following the transaction, the chief financial officer directly owned 171,567 shares in the company, valued at $5,217,352.47. The trade was a 32.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 37.85% of the company's stock.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of SkyWater Technology by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company's stock valued at $38,200,000 after acquiring an additional 94,948 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of SkyWater Technology by 9.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company's stock valued at $34,453,000 after acquiring an additional 153,299 shares in the last quarter. Erste Asset Management GmbH grew its holdings in shares of SkyWater Technology by 21.7% during the 3rd quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company's stock valued at $25,508,000 after acquiring an additional 250,000 shares in the last quarter. State Street Corp grew its holdings in shares of SkyWater Technology by 134.1% during the 4th quarter. State Street Corp now owns 1,210,673 shares of the company's stock valued at $21,986,000 after acquiring an additional 693,470 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of SkyWater Technology by 3,396.4% during the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company's stock valued at $14,468,000 after acquiring an additional 753,188 shares in the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

About SkyWater Technology

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater's service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.

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