SkyWater Technology (NASDAQ:SKYT) Shares Gap Up – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT) shares gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

SKYT has been the topic of several recent analyst reports. Piper Sandler lifted their target price on shares of 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 restated 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 Trading Up 1.7 %

The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53. The firm’s 50-day simple moving average is $10.97 and its 200-day simple moving average is $9.55. The firm has a market capitalization of $559.62 million, a PE ratio of -33.47 and a beta of 3.43.

Insider Transactions at SkyWater Technology

In related news, Director Loren A. Unterseher sold 7,761 shares of the firm’s 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 in the company, valued at $118,714,067.28. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in SkyWater Technology in the fourth quarter valued at approximately $225,000. Barclays PLC raised its stake in shares of SkyWater Technology by 167.0% during the third quarter. Barclays PLC now owns 47,204 shares of the company’s stock worth $429,000 after purchasing an additional 29,523 shares during the last quarter. Geode Capital Management LLC raised its position in SkyWater Technology by 6.4% in the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company’s stock worth $5,330,000 after acquiring an additional 35,219 shares in the last quarter. State Street Corp grew its position in shares of SkyWater Technology by 4.7% in the third quarter. State Street Corp now owns 473,475 shares of the company’s stock valued at $4,299,000 after purchasing an additional 21,134 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of SkyWater Technology in the third quarter valued at $35,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

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.