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

SkyWater Technology, Inc. (NASDAQ:SKYT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $15.16, but opened at $13.40. SkyWater Technology shares last traded at $12.04, with a volume of 436,862 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on SKYT. Piper Sandler upped their price target on shares of SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of SkyWater Technology in a research report on Monday, November 11th.

SkyWater Technology Stock Down 22.4 %

The firm has a market cap of $560.91 million, a PE ratio of -33.63 and a beta of 3.43. The firm’s 50 day moving average is $10.60 and its 200-day moving average is $9.28. The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53.

Insider Activity

In other news, Director Loren A. Unterseher sold 7,761 shares of the firm’s 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 transaction, the director now directly owns 12,806,264 shares in the company, valued at $118,714,067.28. This trade represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 42.55% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers grew its stake in SkyWater Technology by 36.3% during the 2nd quarter. Rhumbline Advisers now owns 32,764 shares of the company’s stock worth $251,000 after buying an additional 8,731 shares during the last quarter. Victory Capital Management Inc. raised its stake in SkyWater Technology by 4.2% during the 2nd quarter. Victory Capital Management Inc. now owns 95,150 shares of the company’s stock valued at $728,000 after purchasing an additional 3,850 shares during the period. Renaissance Technologies LLC purchased a new position in SkyWater Technology during the 2nd quarter valued at about $195,000. XTX Topco Ltd increased its stake in SkyWater Technology by 19.5% in the 2nd quarter. XTX Topco Ltd now owns 30,836 shares of the company’s stock valued at $236,000 after buying an additional 5,038 shares during the period. Finally, Squarepoint Ops LLC purchased a new stake in SkyWater Technology in the 2nd quarter worth approximately $161,000. 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.