SkyWater Technology (NASDAQ:SKYT) Shares Gap Down – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $15.16, but opened at $13.40. SkyWater Technology shares last traded at $12.04, with a volume of 436,862 shares.

Analysts Set New Price Targets

SKYT has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price target on shares of SkyWater Technology in a research note on Monday, November 11th. Piper Sandler lifted their price target on 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 3.4 %

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 cap of $569.97 million, a price-to-earnings ratio of -34.17 and a beta of 3.43. The business’s fifty day moving average price is $10.69 and its 200 day moving average price is $9.33.

Insider Buying and Selling at SkyWater Technology

In other news, Director Loren A. Unterseher sold 7,761 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $9.27, for a total value of $71,944.47. Following 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its position in shares of SkyWater Technology by 183.6% in 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. Inspire Investing LLC acquired a new stake in SkyWater Technology during the third quarter worth approximately $418,000. Geode Capital Management LLC increased its holdings in SkyWater Technology by 6.4% in the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company’s stock worth $5,330,000 after purchasing an additional 35,219 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in SkyWater Technology by 20.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 199,318 shares of the company’s stock valued at $1,810,000 after buying an additional 34,383 shares during the period. Finally, Barclays PLC lifted its stake in SkyWater Technology by 167.0% in the third quarter. Barclays PLC now owns 47,204 shares of the company’s stock valued at $429,000 after buying an additional 29,523 shares during the period. 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.