SkyWater Technology (NASDAQ:SKYT) Trading 7% Higher – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT)’s stock price rose 7% during mid-day trading on Thursday . The company traded as high as $15.81 and last traded at $15.79. Approximately 705,561 shares traded hands during trading, an increase of 46% from the average daily volume of 483,141 shares. The stock had previously closed at $14.76.

Analyst Ratings Changes

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

SkyWater Technology Price Performance

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 $710.55 million, a PE ratio of -42.60 and a beta of 3.72. The company has a 50-day moving average price of $10.04 and a two-hundred day moving average price of $8.95.

Insider Buying and Selling

In related news, Director Loren A. Unterseher sold 7,761 shares of SkyWater Technology stock in a transaction on Friday, December 13th. The shares were sold at an average price of $9.27, for a total transaction of $71,944.47. Following the sale, the director now owns 12,806,264 shares of the company’s stock, valued at $118,714,067.28. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 42.55% of the stock is currently owned by corporate insiders.

Institutional Trading of SkyWater Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SKYT. Quarry LP acquired a new stake in SkyWater Technology during the 3rd quarter valued at approximately $35,000. Victory Capital Management Inc. grew its position in shares of SkyWater Technology by 4.2% during the second quarter. Victory Capital Management Inc. now owns 95,150 shares of the company’s stock worth $728,000 after buying an additional 3,850 shares in the last quarter. Allworth Financial LP bought a new stake in shares of SkyWater Technology in the third quarter worth $41,000. XTX Topco Ltd raised its holdings in SkyWater Technology by 19.5% in the second quarter. XTX Topco Ltd now owns 30,836 shares of the company’s stock valued at $236,000 after acquiring an additional 5,038 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in SkyWater Technology during the 3rd quarter valued at $60,000. 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.