SkyWater Technology (NASDAQ:SKYT) Hits New 1-Year High – Should You Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $38.50 and last traded at $38.7090, with a volume of 294728 shares. The stock had previously closed at $37.88.

Wall Street Analyst Weigh In

SKYT has been the topic of several recent analyst reports. Zacks Research upgraded shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, SkyWater Technology has a consensus rating of “Hold” and a consensus target price of $32.00.

SkyWater Technology Trading Up 1.6%

The firm has a market cap of $1.89 billion, a P/E ratio of 16.56 and a beta of 3.30. The firm’s fifty day moving average is $31.70 and its two-hundred day moving average is $26.96. The company has a quick ratio of 0.44, a current ratio of 0.51 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The company had revenue of $160.69 million during the quarter, compared to the consensus estimate of $146.07 million. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 7.88%. Analysts predict that SkyWater Technology, Inc. will post -0.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction on Monday, May 11th. The shares were sold at an average price of $35.08, for a total value of $2,631,000.00. Following the sale, the chief financial officer owned 96,567 shares in the company, valued at $3,387,570.36. The trade was a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,324 shares of company stock valued at $7,728,453 in the last quarter. Insiders own 37.85% of the company’s stock.

Institutional Trading of SkyWater Technology

Several large investors have recently added to or reduced their stakes in SKYT. Millennium Management LLC boosted its holdings in SkyWater Technology by 3,396.4% in the third 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. State Street Corp increased its stake in shares of SkyWater Technology by 134.1% in the 4th quarter. State Street Corp now owns 1,210,673 shares of the company’s stock worth $21,986,000 after acquiring an additional 693,470 shares in the last quarter. Trexquant Investment LP bought a new position in shares of SkyWater Technology in the 4th quarter worth about $6,745,000. Federated Hermes Inc. increased its stake in shares of SkyWater Technology by 13,712.9% in the 3rd quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock worth $6,477,000 after acquiring an additional 344,606 shares in the last quarter. Finally, Erste Asset Management GmbH increased its stake in shares of SkyWater Technology by 21.7% in the 3rd quarter. Erste Asset Management GmbH now owns 1,400,000 shares of the company’s stock worth $25,508,000 after acquiring an additional 250,000 shares in the last quarter. Institutional investors own 70.00% of the company’s stock.

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.