SkyWater Technology (NASDAQ:SKYT) Shares Down 7.1% – Here’s What Happened

SkyWater Technology, Inc. (NASDAQ:SKYT) shares traded down 7.1% on Monday . The company traded as low as $12.77 and last traded at $12.77. 346,425 shares traded hands during trading, a decline of 27% from the average session volume of 475,419 shares. The stock had previously closed at $13.75.

Analysts Set New Price Targets

SKYT has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler raised their price objective 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 Trading Up 12.8 %

The firm has a market cap of $703.40 million, a price-to-earnings ratio of -42.17 and a beta of 3.72. The business’s 50 day moving average price is $9.71 and its 200-day moving average price is $8.81. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87.

Insiders Place Their Bets

In other news, Director Loren A. Unterseher sold 7,761 shares of the firm’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 transaction, the director now directly owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This trade 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

A number of large investors have recently bought and sold shares of the business. Quarry LP acquired a new stake in shares of SkyWater Technology during the 3rd quarter worth approximately $35,000. Allworth Financial LP acquired a new stake in SkyWater Technology in the third quarter worth $41,000. nVerses Capital LLC bought a new stake in SkyWater Technology in the third quarter valued at $60,000. The Manufacturers Life Insurance Company acquired a new position in shares of SkyWater Technology during the second quarter valued at $88,000. Finally, Allspring Global Investments Holdings LLC grew 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 worth $91,000 after acquiring an additional 11,864 shares during the last quarter. 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.