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

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.03, but opened at $10.44. SkyWater Technology shares last traded at $10.68, with a volume of 169,270 shares trading hands.

Wall Street Analyst Weigh In

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

SkyWater Technology Stock Down 6.8 %

The firm has a market capitalization of $461.35 million, a P/E ratio of -27.66 and a beta of 3.36. 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 firm's 50-day moving average is $11.77 and its 200 day moving average is $9.96.

Insider Activity

In other news, Director Loren A. Unterseher sold 7,761 shares of SkyWater Technology 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 in the company, valued at $118,714,067.28. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 42.55% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in shares of SkyWater Technology by 6.4% during the 3rd quarter. Geode Capital Management LLC now owns 586,933 shares of the company's stock worth $5,330,000 after buying an additional 35,219 shares during the last quarter. UNICOM Systems Inc. acquired a new position in SkyWater Technology during the fourth quarter valued at approximately $1,728,000. SG Americas Securities LLC bought a new position in SkyWater Technology in the fourth quarter valued at approximately $225,000. Barclays PLC grew its stake in SkyWater Technology by 167.0% in the third quarter. Barclays PLC now owns 47,204 shares of the company's stock valued at $429,000 after purchasing an additional 29,523 shares in the last quarter. Finally, Baillie Gifford & Co. raised its stake in shares of SkyWater Technology by 65.4% during the 4th quarter. Baillie Gifford & Co. now owns 1,665,284 shares of the company's stock worth $22,981,000 after purchasing an additional 658,431 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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.