SkyWater Technology (NASDAQ:SKYT) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of SkyWater Technology (NASDAQ:SKYT - Free Report) in a report published on Thursday morning,Benzinga reports. They currently have a $12.00 target price on the stock.

SkyWater Technology Stock Performance

NASDAQ SKYT traded down $0.99 during trading hours on Thursday, hitting $8.34. The company's stock had a trading volume of 782,466 shares, compared to its average volume of 715,854. SkyWater Technology has a 12 month low of $5.63 and a 12 month high of $19.00. The company's 50 day simple moving average is $11.41 and its two-hundred day simple moving average is $10.07. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.87 and a quick ratio of 0.78. The company has a market cap of $397.45 million, a P/E ratio of -23.83 and a beta of 3.36.

SkyWater Technology (NASDAQ:SKYT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.10. The firm had revenue of $75.49 million during the quarter, compared to analyst estimates of $74.25 million. SkyWater Technology had a negative net margin of 4.75% and a negative return on equity of 12.40%. As a group, sell-side analysts expect that SkyWater Technology will post -0.22 EPS for the current fiscal year.

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Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 7,761 shares of SkyWater Technology stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $9.27, for a total value of $71,944.47. Following the completion of the transaction, the director now owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 42.55% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SKYT. Sherbrooke Park Advisers LLC purchased a new position in shares of SkyWater Technology during the 4th quarter worth about $170,000. ProShare Advisors LLC bought a new position in SkyWater Technology in the 4th quarter valued at $188,000. Nuveen Asset Management LLC grew its position in SkyWater Technology by 414.5% in the 4th quarter. Nuveen Asset Management LLC now owns 277,962 shares of the company's stock valued at $3,836,000 after acquiring an additional 223,940 shares during the last quarter. Graham Capital Management L.P. increased its stake in SkyWater Technology by 37.1% in the fourth quarter. Graham Capital Management L.P. now owns 14,291 shares of the company's stock worth $197,000 after purchasing an additional 3,864 shares during the period. Finally, Ellevest Inc. increased its stake in SkyWater Technology by 15.0% in the fourth quarter. Ellevest Inc. now owns 15,996 shares of the company's stock worth $221,000 after purchasing an additional 2,090 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.

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.