Driehaus Capital Management LLC Cuts Position in SkyWater Technology, Inc. (NASDAQ:SKYT)

Driehaus Capital Management LLC cut its position in SkyWater Technology, Inc. (NASDAQ:SKYT) by 44.5% during the second quarter, HoldingsChannel.com reports. The fund owned 699,737 shares of the company’s stock after selling 562,128 shares during the period. Driehaus Capital Management LLC’s holdings in SkyWater Technology were worth $5,353,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SKYT. The Manufacturers Life Insurance Company purchased a new stake in SkyWater Technology in the second quarter valued at $88,000. AQR Capital Management LLC raised its position in shares of SkyWater Technology by 183.6% during the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock worth $917,000 after acquiring an additional 77,571 shares in the last quarter. Squarepoint Ops LLC acquired a new position in SkyWater Technology in the second quarter valued at $161,000. XTX Topco Ltd increased its holdings in shares of SkyWater Technology by 19.5% in the 2nd quarter. XTX Topco Ltd now owns 30,836 shares of the company’s stock valued at $236,000 after acquiring an additional 5,038 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in SkyWater Technology in the 2nd quarter valued at about $195,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Activity

In other news, Director Loren A. Unterseher sold 2,673 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $10.00, for a total transaction of $26,730.00. Following the sale, the director now directly owns 13,019,620 shares in the company, valued at approximately $130,196,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 42.55% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price objective on shares of SkyWater Technology from $14.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th.

SkyWater Technology Price Performance

SKYT stock opened at $9.04 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.79 and a debt-to-equity ratio of 0.66. SkyWater Technology, Inc. has a 12-month low of $4.73 and a 12-month high of $12.97. The company has a market cap of $428.04 million, a PE ratio of -13.10 and a beta of 3.96. The stock has a 50-day moving average price of $8.55 and a two-hundred day moving average price of $8.62.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.12. SkyWater Technology had a negative net margin of 7.88% and a negative return on equity of 21.68%. The business had revenue of $93.33 million during the quarter, compared to analyst estimates of $82.50 million. As a group, research analysts predict that SkyWater Technology, Inc. will post -0.26 EPS for the current year.

SkyWater Technology Company Profile

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.