SkyWater Technology, Inc. (NASDAQ:SKYT) Sees Significant Decline in Short Interest

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 2,060,000 shares, a drop of 15.2% from the December 15th total of 2,430,000 shares. Based on an average daily volume of 818,200 shares, the days-to-cover ratio is currently 2.5 days. Approximately 9.3% of the company's shares are short sold.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 7,761 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $9.27, for a total value of $71,944.47. Following the sale, the director now directly owns 12,806,264 shares of the company's stock, valued at approximately $118,714,067.28. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 42.55% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in SkyWater Technology by 36.3% during the 2nd quarter. Rhumbline Advisers now owns 32,764 shares of the company's stock worth $251,000 after purchasing an additional 8,731 shares during the period. Victory Capital Management Inc. lifted its stake in shares of SkyWater Technology by 4.2% during the second quarter. Victory Capital Management Inc. now owns 95,150 shares of the company's stock worth $728,000 after purchasing an additional 3,850 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of SkyWater Technology during the second quarter worth about $195,000. XTX Topco Ltd boosted its position in shares of SkyWater Technology by 19.5% in the second quarter. XTX Topco Ltd now owns 30,836 shares of the company's stock worth $236,000 after buying an additional 5,038 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of SkyWater Technology in the second quarter valued at about $161,000. Institutional investors and hedge funds own 70.00% of the company's stock.

SkyWater Technology Trading Down 2.6 %

SKYT traded down $0.31 on Thursday, reaching $11.50. 505,116 shares of the company's stock were exchanged, compared to its average volume of 962,412. SkyWater Technology has a twelve month low of $5.63 and a twelve month high of $19.00. The company's 50 day moving average is $10.84 and its 200-day moving average is $9.45. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87. The company has a market cap of $548.09 million, a price-to-earnings ratio of -32.86 and a beta of 3.43.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SKYT shares. Needham & Company LLC reiterated a "buy" rating and issued a $12.00 price target on shares of SkyWater Technology in a report on Monday, November 11th. Piper Sandler increased their target price on SkyWater Technology from $9.00 to $12.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th.

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.

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