SkyWater Technology (NASDAQ:SKYT) Reaches New 1-Year High – Still a Buy?

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) hit a new 52-week high on Thursday . The company traded as high as $36.38 and last traded at $35.96, with a volume of 943475 shares. The stock had previously closed at $34.90.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Needham & Company LLC cut shares of SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. Zacks Research upgraded shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. TD Cowen downgraded SkyWater Technology from a “buy” rating to a “hold” rating and upped their target price for the company from $24.00 to $35.00 in a research report on Tuesday, January 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SkyWater Technology in a research report on Friday, March 27th. Finally, Piper Sandler lowered SkyWater Technology from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $17.00 to $35.00 in a report on Monday, January 26th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $32.00.

SkyWater Technology Stock Performance

The firm’s fifty day simple moving average is $30.20 and its 200 day simple moving average is $25.59. The company has a market capitalization of $1.76 billion, a PE ratio of 14.72 and a beta of 3.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.52.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). The company had revenue of $171.04 million during the quarter, compared to analyst estimates of $160.05 million. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 9.03%. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS. On average, research analysts predict that SkyWater Technology, Inc. will post -0.42 EPS for the current year.

Insider Buying and Selling

In other news, CFO Steve Manko sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $35.08, for a total transaction of $2,631,000.00. Following the sale, the chief financial officer owned 96,567 shares of the company’s stock, valued at $3,387,570.36. This trade represents a 43.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 250,324 shares of company stock valued at $7,728,453. Corporate insiders own 37.85% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

Several hedge funds have recently modified their holdings of SKYT. KBC Group NV purchased a new position in shares of SkyWater Technology in the 1st quarter valued at about $27,000. Quarry LP acquired a new stake in shares of SkyWater Technology in the fourth quarter valued at about $25,000. State of Wyoming acquired a new position in shares of SkyWater Technology during the 4th quarter worth about $35,000. Russell Investments Group Ltd. boosted its holdings in SkyWater Technology by 814.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,468 shares of the company’s stock worth $46,000 after buying an additional 2,198 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new position in shares of SkyWater Technology during the second quarter valued at approximately $25,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

SkyWater Technology Company Profile

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.