SkyWater Technology (NASDAQ:SKYT) Shares Up 6.5% - What's Next?

SkyWater Technology, Inc. (NASDAQ:SKYT - Get Free Report) shares traded up 6.5% during mid-day trading on Friday . The stock traded as high as $10.66 and last traded at $10.65. 166,616 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 750,690 shares. The stock had previously closed at $10.00.

Wall Street Analyst Weigh In

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

SkyWater Technology Stock Performance

The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The stock's 50 day moving average price is $11.41 and its two-hundred day moving average price is $9.76. The firm has a market capitalization of $474.69 million, a price-to-earnings ratio of -28.46 and a beta of 3.37.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. The company had revenue of $93.82 million during the quarter, compared to analysts' expectations of $94.65 million. SkyWater Technology had a negative net margin of 4.75% and a negative return on equity of 12.40%. During the same period last year, the company posted ($0.09) earnings per share. On average, analysts forecast that SkyWater Technology, Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other SkyWater Technology news, Director Loren A. Unterseher sold 7,761 shares of the company's stock in a transaction dated 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 owns 12,806,264 shares of the company's stock, valued at $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 42.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SKYT. Renaissance Technologies LLC purchased a new position in SkyWater Technology during the second quarter worth $195,000. Squarepoint Ops LLC acquired a new stake in shares of SkyWater Technology during the second quarter valued at $161,000. AQR Capital Management LLC raised its stake in SkyWater Technology by 183.6% in the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company's stock valued at $917,000 after purchasing an additional 77,571 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in SkyWater Technology in the 2nd quarter valued at about $88,000. Finally, Algert Global LLC acquired a new stake in shares of SkyWater Technology during the 2nd quarter worth about $107,000. 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.