SkyWater Technology (NASDAQ:SKYT) Stock Price Up 6.4% Following Analyst Upgrade

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shot up 6.4% during mid-day trading on Friday after Piper Sandler raised their price target on the stock from $9.00 to $12.00. Piper Sandler currently has an overweight rating on the stock. SkyWater Technology traded as high as $10.90 and last traded at $10.88. 103,491 shares were traded during mid-day trading, a decline of 74% from the average session volume of 392,571 shares. The stock had previously closed at $10.23.

Insiders Place Their Bets

In related news, Director Loren A. Unterseher sold 2,673 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $10.00, for a total transaction of $26,730.00. Following the completion of the transaction, the director now directly owns 13,019,620 shares of the company's stock, valued at $130,196,200. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 42.55% of the company's stock.

Hedge Funds Weigh In On SkyWater Technology

Several large investors have recently bought and sold shares of SKYT. Allworth Financial LP purchased a new position in shares of SkyWater Technology in the 3rd quarter valued at about $41,000. nVerses Capital LLC purchased a new stake in shares of SkyWater Technology during the 3rd quarter worth approximately $60,000. Inspire Investing LLC purchased a new stake in shares of SkyWater Technology during the 3rd quarter worth approximately $418,000. Algert Global LLC acquired a new position in SkyWater Technology in the second quarter valued at $107,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of SkyWater Technology in the 2nd quarter valued at about $88,000. Hedge funds and other institutional investors own 70.00% of the company's stock.

SkyWater Technology Price Performance

The company has a fifty day moving average price of $9.21 and a two-hundred day moving average price of $8.55. The firm has a market capitalization of $497.59 million, a price-to-earnings ratio of -19.78 and a beta of 3.95. The company has a quick ratio of 0.79, a current ratio of 0.90 and a debt-to-equity ratio of 0.66.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.12. SkyWater Technology had a negative net margin of 7.88% and a negative return on equity of 21.68%. The company had revenue of $93.33 million for the quarter, compared to the consensus estimate of $82.50 million. On average, equities research analysts expect that SkyWater Technology, Inc. will post -0.26 EPS for the current fiscal year.

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.