SkyWater Technology (NASDAQ:SKYT) Shares Up 7.3% - Here's Why

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report)'s stock price was up 7.3% on Friday . The company traded as high as $14.45 and last traded at $14.45. Approximately 229,711 shares were traded during trading, a decline of 54% from the average daily volume of 503,435 shares. The stock had previously closed at $13.47.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Needham & Company LLC reissued 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 increased their price objective on 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 Up 7.6 %

The stock has a market cap of $690.54 million, a PE ratio of -41.40 and a beta of 3.72. The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53. The firm has a 50-day simple moving average of $10.43 and a 200-day simple moving average of $9.15.

Insider Buying and Selling

In other 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 completion of the transaction, the director now directly owns 12,806,264 shares in the company, valued at $118,714,067.28. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 42.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SkyWater Technology

Several large investors have recently added to or reduced their stakes in SKYT. Barclays PLC boosted its position in shares of SkyWater Technology by 167.0% during the 3rd 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 last quarter. Geode Capital Management LLC increased its holdings in shares of 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 buying an additional 35,219 shares during the last quarter. State Street Corp raised its position in shares of SkyWater Technology by 4.7% during the 3rd quarter. State Street Corp now owns 473,475 shares of the company's stock valued at $4,299,000 after buying an additional 21,134 shares in the last quarter. Quarry LP bought a new stake in shares of SkyWater Technology during the 3rd quarter worth $35,000. Finally, Point72 Asset Management L.P. bought a new position in SkyWater Technology in the third quarter valued at $222,000. Institutional investors own 70.00% of the company's stock.

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.