SkyWater Technology (NASDAQ:SKYT) Trading Down 7.1% – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT) fell 7.1% during trading on Monday . The stock traded as low as $12.77 and last traded at $12.77. 346,425 shares traded hands during trading, a decline of 27% from the average session volume of 475,419 shares. The stock had previously closed at $13.75.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SKYT. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler lifted their price objective on shares of SkyWater Technology from $9.00 to $12.00 and gave the company an “overweight” rating in a research note on Friday, October 25th.

SkyWater Technology Trading Down 6.3 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87. The stock has a 50-day moving average price of $9.55 and a 200-day moving average price of $8.72. The stock has a market cap of $613.81 million, a P/E ratio of -36.80 and a beta of 3.72.

Insiders Place Their Bets

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 value of $71,944.47. Following the completion of the sale, the director now owns 12,806,264 shares of the company’s stock, valued at $118,714,067.28. This represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 42.55% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

A number of hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in SkyWater Technology in the third quarter worth $35,000. Allworth Financial LP purchased a new position in SkyWater Technology in the 3rd quarter worth approximately $41,000. nVerses Capital LLC bought a new stake in SkyWater Technology in the third quarter valued at approximately $60,000. The Manufacturers Life Insurance Company bought a new stake in SkyWater Technology during the 2nd quarter valued at $88,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 purchasing an additional 11,864 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors.

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.