Weiss Ratings Reiterates "Sell (D-)" Rating for SkyWater Technology (NASDAQ:SKYT)

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for SkyWater Technology, indicating ongoing concerns about the company's stock performance.
• Despite the negative outlook from Weiss Ratings, Needham & Company LLC raised their target price for the stock from $11.00 to $15.00 and assigned a "buy" rating.
• CEO Thomas Sonderman recently sold 8,355 shares of SkyWater stock, which reflects a 1.55% decrease in his ownership, while insiders collectively sold shares valued at over $41 million in the past ninety days.

SkyWater Technology (NASDAQ:SKYT - Get Free Report)'s stock had its "sell (d-)" rating reiterated by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other research analysts have also weighed in on SKYT. Needham & Company LLC raised their target price on SkyWater Technology from $11.00 to $15.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wall Street Zen raised SkyWater Technology from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $13.00.

SkyWater Technology Stock Up 2.0%

SKYT stock opened at $19.31 on Wednesday. SkyWater Technology has a twelve month low of $5.67 and a twelve month high of $20.85. 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 stock's 50 day moving average is $12.98 and its 200-day moving average is $10.07. The firm has a market capitalization of $930.36 million, a PE ratio of -56.79 and a beta of 3.51.

Insiders Place Their Bets

In other SkyWater Technology news, CEO Thomas Sonderman sold 8,355 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $10.58, for a total value of $88,395.90. Following the completion of the sale, the chief executive officer directly owned 532,174 shares of the company's stock, valued at $5,630,400.92. This trade represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Loren A. Unterseher sold 120,370 shares of the firm's stock in a transaction on Friday, September 26th. The stock was sold at an average price of $18.02, for a total value of $2,169,067.40. Following the completion of 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. Insiders sold 3,402,446 shares of company stock valued at $41,689,461 over the last ninety days. 37.85% of the stock is currently owned by insiders.

Institutional Trading of SkyWater Technology

A number of large investors have recently bought and sold shares of SKYT. Federated Hermes Inc. bought a new position in shares of SkyWater Technology in the second quarter worth $25,000. BNP Paribas Financial Markets boosted its holdings in shares of SkyWater Technology by 56.4% in the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company's stock worth $27,000 after acquiring an additional 991 shares during the period. Financial Management Professionals Inc. bought a new position in shares of SkyWater Technology in the second quarter worth $32,000. GAMMA Investing LLC boosted its holdings in shares of SkyWater Technology by 941.3% in the first quarter. GAMMA Investing LLC now owns 4,613 shares of the company's stock worth $33,000 after acquiring an additional 4,170 shares during the period. Finally, CWM LLC boosted its holdings in shares of SkyWater Technology by 320.2% in the first quarter. CWM LLC now owns 5,719 shares of the company's stock worth $41,000 after acquiring an additional 4,358 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

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.

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