SkyWater Technology (NASDAQ:SKYT) Shares Gap Up – Still a Buy?

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) gapped up prior to trading on Tuesday . The stock had previously closed at $11.55, but opened at $12.09. SkyWater Technology shares last traded at $11.58, with a volume of 129,913 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler increased their price target 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 set a $12.00 target price on shares of SkyWater Technology in a research note on Monday, November 11th.

SkyWater Technology Stock Down 1.7 %

The stock has a market cap of $550.90 million, a price-to-earnings ratio of -33.03 and a beta of 3.43. The stock has a 50 day simple moving average of $11.10 and a 200 day simple moving average of $9.60. The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53.

SkyWater Technology (NASDAQ:SKYT) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.05. SkyWater Technology had a negative net margin of 4.75% and a negative return on equity of 12.40%. The business had revenue of $93.82 million during the quarter, compared to the consensus estimate of $94.65 million. During the same quarter last year, the firm posted ($0.09) EPS. As a group, analysts expect that SkyWater Technology, Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 value of $71,944.47. Following the completion of the sale, the director now directly owns 12,806,264 shares of the company’s stock, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 42.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

Hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in shares of SkyWater Technology during the third quarter valued at about $35,000. Allworth Financial LP bought a new position in shares of SkyWater Technology during the 3rd quarter worth approximately $41,000. nVerses Capital LLC purchased a new position in shares of SkyWater Technology in the 3rd quarter worth approximately $60,000. The Manufacturers Life Insurance Company bought a new position in shares of SkyWater Technology in the second quarter valued at approximately $88,000. Finally, Algert Global LLC purchased a new stake in shares of SkyWater Technology during the second quarter valued at approximately $107,000. 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.