SkyWater Technology (NASDAQ:SKYT) Trading 7% Higher - Here's Why

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) were up 7% during trading on Thursday . The stock traded as high as $15.81 and last traded at $15.79. Approximately 705,561 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 483,141 shares. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

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

SkyWater Technology Stock Performance

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 business's fifty day moving average price is $9.94 and its two-hundred day moving average price is $8.90. The stock has a market capitalization of $765.36 million, a P/E ratio of -45.89 and a beta of 3.72.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 7,761 shares of the business's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $9.27, for a total transaction of $71,944.47. Following the transaction, the director now owns 12,806,264 shares in the company, valued at $118,714,067.28. The trade was a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 42.55% of the company's stock.

Hedge Funds Weigh In On SkyWater Technology

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of SkyWater Technology by 98,866.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company's stock valued at $91,000 after buying an additional 11,864 shares during the period. Rhumbline Advisers grew its position in SkyWater Technology by 36.3% in the 2nd quarter. Rhumbline Advisers now owns 32,764 shares of the company's stock valued at $251,000 after acquiring an additional 8,731 shares during the last quarter. Whalen Wealth Management Inc. increased its stake in SkyWater Technology by 41.1% in the second quarter. Whalen Wealth Management Inc. now owns 33,689 shares of the company's stock worth $258,000 after purchasing an additional 9,816 shares during the period. Lountzis Asset Management LLC bought a new stake in shares of SkyWater Technology during the second quarter worth $2,212,000. Finally, Victory Capital Management Inc. boosted 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 valued at $728,000 after purchasing an additional 3,850 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

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.