Needham & Company LLC Issues Pessimistic Forecast for SkyWater Technology (NASDAQ:SKYT) Stock Price

SkyWater Technology (NASDAQ:SKYT) had its target price decreased by research analysts at Needham & Company LLC from $12.00 to $11.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 44.55% from the company’s previous close.

Separately, TD Cowen dropped their price objective on shares of SkyWater Technology from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday.

SkyWater Technology Price Performance

SkyWater Technology stock opened at $7.61 on Thursday. The firm has a 50 day moving average price of $7.30 and a 200-day moving average price of $9.39. The company has a quick ratio of 0.78, a current ratio of 0.87 and a debt-to-equity ratio of 0.53. SkyWater Technology has a twelve month low of $5.63 and a twelve month high of $19.00. The company has a market capitalization of $365.55 million, a P/E ratio of -21.74 and a beta of 3.40.

SkyWater Technology (NASDAQ:SKYT) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.10. The business had revenue of $75.49 million during the quarter, compared to analyst estimates of $74.25 million. SkyWater Technology had a negative return on equity of 12.40% and a negative net margin of 4.75%. As a group, equities analysts predict that SkyWater Technology will post -0.22 EPS for the current year.

Insider Activity

In related news, Director Gregory B. Graves sold 12,844 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $8.11, for a total transaction of $104,164.84. Following the completion of the transaction, the director now owns 14,285 shares of the company’s stock, valued at approximately $115,851.35. The trade was a 47.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 37.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SKYT. GAMMA Investing LLC raised its position in shares of SkyWater Technology by 941.3% in the first quarter. GAMMA Investing LLC now owns 4,613 shares of the company’s stock worth $33,000 after buying an additional 4,170 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of SkyWater Technology by 64.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,849 shares of the company’s stock valued at $39,000 after acquiring an additional 1,113 shares in the last quarter. CWM LLC boosted its position in shares of SkyWater Technology by 320.2% during the 1st quarter. CWM LLC now owns 5,719 shares of the company’s stock valued at $41,000 after acquiring an additional 4,358 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of SkyWater Technology during the fourth quarter worth about $50,000. Finally, BIT Capital GmbH bought a new position in shares of SkyWater Technology in the fourth quarter worth approximately $143,000. 70.00% of the stock is owned by institutional investors.

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.