SkyWater Technology (NASDAQ:SKYT) Issues Quarterly Earnings Results, Misses Expectations By $0.17 EPS

SkyWater Technology (NASDAQ:SKYT) posted its quarterly earnings data on Friday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17), FiscalAI reports. The business had revenue of $160.69 million for the quarter, compared to the consensus estimate of $146.31 million. SkyWater Technology had a net margin of 26.90% and a negative return on equity of 6.89%.

Here are the key takeaways from SkyWater Technology’s conference call:

• Stockholders approved the agreement and plan of merger involving IonQ and SkyWater, with the proposal receiving the affirmative vote of at least a majority of all shares outstanding.
• The company said the merger-adoption proposal was the only material item requiring a vote, while the separate proposal to adjourn the meeting became unnecessary after the merger vote passed.
• The special meeting had a quorum, with approximately 67% of shares entitled to vote represented in person or by proxy.
• Management said the final voting results will be reported in a Form 8-K filing with the SEC in the next few days.

SkyWater Technology Price Performance

NASDAQ SKYT traded up $0.66 during trading hours on Friday, reaching $33.72. 706,871 shares of the stock traded hands, compared to its average volume of 1,789,453. The stock has a 50 day simple moving average of $29.80 and a two-hundred day simple moving average of $25.06. SkyWater Technology has a 1 year low of $7.46 and a 1 year high of $36.27. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.60 and a quick ratio of 0.52. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 13.88 and a beta of 3.30.

Insider Activity at SkyWater Technology

In other news, CFO Steve Manko sold 91,109 shares of SkyWater Technology stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $27.84, for a total value of $2,536,474.56. Following the transaction, the chief financial officer owned 215,166 shares in the company, valued at approximately $5,990,221.44. The trade was a 29.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 37.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in SkyWater Technology by 4.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,047,168 shares of the company’s stock valued at $38,200,000 after purchasing an additional 94,948 shares during the period. Ameriprise Financial Inc. boosted its position in SkyWater Technology by 9.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,846,355 shares of the company’s stock valued at $34,453,000 after acquiring an additional 153,299 shares in the last quarter. State Street Corp boosted its position in SkyWater Technology by 134.1% during the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock valued at $21,986,000 after acquiring an additional 693,470 shares in the last quarter. Millennium Management LLC boosted its position in SkyWater Technology by 3,396.4% during the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock valued at $14,468,000 after acquiring an additional 753,188 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in SkyWater Technology by 10.9% during the 4th quarter. Geode Capital Management LLC now owns 710,132 shares of the company’s stock valued at $12,897,000 after acquiring an additional 69,656 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analyst Upgrades and Downgrades

SKYT has been the subject of several research analyst reports. TD Cowen lowered SkyWater Technology from a “buy” rating to a “hold” rating and lifted their price objective for the company from $24.00 to $35.00 in a research note on Tuesday, January 27th. Stifel Nicolaus set a $35.00 price target on SkyWater Technology in a research report on Monday, January 26th. Needham & Company LLC downgraded SkyWater Technology from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research report on Friday, March 27th. Finally, Craig Hallum downgraded SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price target on the stock. in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.00.

About SkyWater Technology

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater’s service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.