SkyWater Technology (NASDAQ:SKYT) Shares Gap Up – What’s Next?

SkyWater Technology, Inc. (NASDAQ:SKYT) shares gapped up before the market opened on Thursday . The stock had previously closed at $15.76, but opened at $16.73. SkyWater Technology shares last traded at $15.54, with a volume of 569,054 shares changing hands.

Wall Street Analysts Forecast Growth

SKYT has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $12.00 price objective on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler increased their price objective on SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a report on Friday, October 25th.

SkyWater Technology Trading Down 15.3 %

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 has a market capitalization of $636.21 million, a P/E ratio of -38.14 and a beta of 3.72. The firm’s 50-day simple moving average is $9.40 and its 200-day simple moving average is $8.64.

Insider Transactions at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 7,761 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $9.27, for a total transaction of $71,944.47. Following the transaction, the director now owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 42.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SkyWater Technology

Large investors have recently made changes to their positions in the business. Quarry LP bought a new stake in SkyWater Technology in the 3rd quarter worth about $35,000. Allworth Financial LP bought a new position in shares of SkyWater Technology during the 3rd quarter valued at $41,000. nVerses Capital LLC purchased a new position in shares of SkyWater Technology in the 3rd quarter worth $60,000. The Manufacturers Life Insurance Company purchased a new position in SkyWater Technology in the second quarter worth about $88,000. Finally, Allspring Global Investments Holdings LLC raised its position in SkyWater Technology by 98,866.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company’s stock worth $91,000 after acquiring an additional 11,864 shares during the period. 70.00% of the stock is currently owned by hedge funds and other 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.