SkyWater Technology (NASDAQ:SKYT) Shares Up 10.5% - Here's Why

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s stock price shot up 10.5% during trading on Friday . The stock traded as high as $13.83 and last traded at $13.75. 450,074 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 470,118 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

SKYT has been the subject of a number of recent analyst reports. Piper Sandler increased their price objective 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 reissued a "buy" rating and issued a $12.00 price target on shares of SkyWater Technology in a research note on Monday, November 11th.

SkyWater Technology Trading Up 10.5 %

The stock has a market capitalization of $655.27 million, a P/E ratio of -39.29 and a beta of 3.72. The business has a 50 day simple moving average of $9.55 and a 200-day simple moving average of $8.71. 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 Activity at SkyWater Technology

In other news, Director Loren A. Unterseher sold 7,761 shares of the 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 completion of the sale, the director now owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 42.55% of the company's stock.

Institutional Investors Weigh In On SkyWater Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC raised its holdings in shares of SkyWater Technology by 167.0% during the third quarter. Barclays PLC now owns 47,204 shares of the company's stock valued at $429,000 after acquiring an additional 29,523 shares during the period. Geode Capital Management LLC lifted its holdings in shares of SkyWater Technology by 6.4% in the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company's stock valued at $5,330,000 after purchasing an additional 35,219 shares in the last quarter. State Street Corp boosted its position in shares of SkyWater Technology by 4.7% in the third quarter. State Street Corp now owns 473,475 shares of the company's stock worth $4,299,000 after buying an additional 21,134 shares during the period. Quarry LP purchased a new position in shares of SkyWater Technology during the third quarter valued at $35,000. Finally, Point72 Asset Management L.P. acquired a new position in SkyWater Technology during the third quarter valued at $222,000. 70.00% of the stock is 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.