SkyWater Technology (NASDAQ:SKYT) Shares Gap Down - Here's What Happened

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $15.16, but opened at $13.40. SkyWater Technology shares last traded at $12.04, with a volume of 436,862 shares.

Analyst Upgrades and Downgrades

SKYT has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price target on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler upped their price target 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 Trading Down 18.3 %

The firm has a market capitalization of $589.98 million, a PE ratio of -35.37 and a beta of 3.43. The firm has a fifty day moving average of $10.60 and a 200 day moving average of $9.28. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 7,761 shares of the firm's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $9.27, for a total transaction of $71,944.47. Following the transaction, the director now directly owns 12,806,264 shares in the company, valued at $118,714,067.28. This trade represents a 0.06 % decrease in their ownership of the stock. The sale 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

A number of hedge funds and other institutional investors have recently bought and sold shares of SKYT. Geode Capital Management LLC raised its holdings in shares of SkyWater Technology by 6.4% during the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company's stock valued at $5,330,000 after buying an additional 35,219 shares during the last quarter. nVerses Capital LLC acquired a new stake in SkyWater Technology in the 3rd quarter valued at approximately $60,000. AQR Capital Management LLC raised its stake in SkyWater Technology by 183.6% during the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company's stock valued at $917,000 after acquiring an additional 77,571 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in SkyWater Technology during the 2nd quarter worth $88,000. Finally, Point72 Asset Management L.P. bought a new position in shares of SkyWater Technology in the third quarter worth $222,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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.