SkyWater Technology (NASDAQ:SKYT) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of SkyWater Technology (NASDAQ:SKYTGet Rating) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “SkyWater Technology is a pure play semiconductor foundry and is a supplier which specializes in custom technology development services, volume manufacturing and advanced packaging capabilities. SkyWater Technology is based in BLOOMINGTON, Minn. “

A number of other equities analysts also recently commented on the stock. Cowen reduced their price objective on shares of SkyWater Technology from $25.00 to $20.00 in a research note on Thursday, February 24th. Craig Hallum started coverage on shares of SkyWater Technology in a research note on Tuesday, April 26th. They set a buy rating and a $10.00 price objective for the company. Needham & Company LLC dropped their target price on shares of SkyWater Technology from $25.00 to $15.00 and set a buy rating on the stock in a report on Thursday, February 24th. Finally, Piper Sandler dropped their target price on shares of SkyWater Technology from $15.00 to $10.00 in a report on Wednesday, May 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $15.60.

SkyWater Technology stock opened at $6.62 on Wednesday. The firm has a 50-day moving average of $7.54 and a 200-day moving average of $11.59. SkyWater Technology has a one year low of $4.43 and a one year high of $36.80. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.35 and a quick ratio of 1.19. The company has a market cap of $266.85 million and a price-to-earnings ratio of -3.96.

In other SkyWater Technology news, CFO Steve Manko sold 25,200 shares of the stock in a transaction dated Tuesday, March 8th. The shares were sold at an average price of $10.25, for a total value of $258,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Sonderman sold 9,192 shares of the stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $5.74, for a total transaction of $52,762.08. Following the completion of the transaction, the chief executive officer now directly owns 538,536 shares in the company, valued at $3,091,196.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,203 shares of company stock worth $321,457.

Institutional investors have recently added to or reduced their stakes in the business. Moors & Cabot Inc. bought a new position in shares of SkyWater Technology during the third quarter worth approximately $25,000. Citigroup Inc. increased its holdings in shares of SkyWater Technology by 99.6% during the third quarter. Citigroup Inc. now owns 954 shares of the company’s stock worth $26,000 after purchasing an additional 476 shares during the period. Royal Bank of Canada increased its holdings in shares of SkyWater Technology by 60.7% during the third quarter. Royal Bank of Canada now owns 1,355 shares of the company’s stock worth $36,000 after purchasing an additional 512 shares during the period. PNC Financial Services Group Inc. bought a new position in shares of SkyWater Technology during the first quarter worth approximately $43,000. Finally, Legal & General Group Plc increased its holdings in shares of SkyWater Technology by 232.7% during the fourth quarter. Legal & General Group Plc now owns 2,698 shares of the company’s stock worth $44,000 after purchasing an additional 1,887 shares during the period. 17.24% of the stock is currently owned by hedge funds and other institutional investors.

SkyWater Technology Company Profile (Get Rating)

SkyWater Technology, Inc, together with its subsidiaries, provides semiconductor development and manufacturing services. 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, power discrete, microelectromechanical systems, and rad-hard integrated circuits.

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