SkyWater Technology (NASDAQ:SKYT) Sets New 1-Year High - Here's Why

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $13.89 and last traded at $13.89, with a volume of 122853 shares traded. The stock had previously closed at $13.08.

Analyst Ratings Changes

SKYT has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 target price on shares of SkyWater Technology in a research report on Monday, November 11th. Piper Sandler upped their price objective on shares of SkyWater Technology from $9.00 to $12.00 and gave the company an "overweight" rating in a report on Friday, October 25th.

SkyWater Technology Stock Performance

The stock has a market capitalization of $751.06 million, a price-to-earnings ratio of -45.03 and a beta of 3.72. The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average of $9.40 and a 200-day moving average of $8.64.

Insider Activity at SkyWater Technology

In other news, Director Loren A. Unterseher sold 7,761 shares of the company's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $9.27, for a total value of $71,944.47. Following the sale, the director now owns 12,806,264 shares in the company, valued at $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 42.55% of the stock is owned by insiders.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors have recently made changes to their positions in SKYT. Barclays PLC raised its position in shares of SkyWater Technology by 167.0% in the third quarter. Barclays PLC now owns 47,204 shares of the company's stock worth $429,000 after acquiring an additional 29,523 shares during the period. Geode Capital Management LLC increased its holdings in SkyWater Technology by 6.4% in the 3rd quarter. Geode Capital Management LLC now owns 586,933 shares of the company's stock worth $5,330,000 after acquiring an additional 35,219 shares in the last quarter. State Street Corp increased its holdings in SkyWater Technology by 4.7% in the 3rd quarter. State Street Corp now owns 473,475 shares of the company's stock worth $4,299,000 after acquiring an additional 21,134 shares in the last quarter. Quarry LP acquired a new position in SkyWater Technology during the third quarter worth $35,000. Finally, Point72 Asset Management L.P. purchased a new position in SkyWater Technology during the third quarter valued at $222,000. 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.