SkyWater Technology (NASDAQ:SKYT) Stock Price Up 7.3% – Here’s What Happened

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) rose 7.3% during trading on Friday . The stock traded as high as $14.45 and last traded at $14.45. Approximately 229,711 shares changed hands during trading, a decline of 54% from the average daily volume of 503,435 shares. The stock had previously closed at $13.47.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Piper Sandler lifted their price target on shares of SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC reissued a “buy” rating and set a $12.00 price objective on shares of SkyWater Technology in a research note on Monday, November 11th.

SkyWater Technology Stock Performance

The firm’s fifty day simple moving average is $10.43 and its 200 day simple moving average is $9.16. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.87 and a quick ratio of 0.78. The company has a market capitalization of $690.54 million, a price-to-earnings ratio of -41.40 and a beta of 3.72.

Insider Buying and Selling

In related news, Director Loren A. Unterseher sold 7,761 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $9.27, for a total value of $71,944.47. Following the completion of the sale, the director now directly owns 12,806,264 shares of the company’s stock, valued at approximately $118,714,067.28. This represents a 0.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Large investors have recently made changes to their positions in the business. Quarry LP acquired a new stake in shares of SkyWater Technology during the third quarter worth approximately $35,000. Allworth Financial LP acquired a new stake 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 during the 3rd quarter valued at $60,000. The Manufacturers Life Insurance Company acquired a new position in shares of SkyWater Technology in the second quarter worth $88,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of SkyWater Technology by 98,866.7% during 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 in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

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.