SkyWater Technology (NASDAQ:SKYT) Raised to “Hold” at Zacks Investment Research

SkyWater Technology (NASDAQ:SKYTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “SkyWater Technology is a pure play semiconductor foundry and is a supplier which specializes in custom technology development services, volume manufacturing and advanced packaging capabilities. SkyWater Technology is based in BLOOMINGTON, Minn. “

Several other research firms have also recently weighed in on SKYT. Craig Hallum assumed coverage on SkyWater Technology in a research report on Tuesday, April 26th. They issued a “buy” rating and a $10.00 price objective on the stock. Piper Sandler cut their price objective on SkyWater Technology from $15.00 to $10.00 in a research report on Wednesday, May 4th. Needham & Company LLC cut their price objective on SkyWater Technology from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 24th. Finally, Cowen cut their price objective on SkyWater Technology from $25.00 to $20.00 in a research report on Thursday, February 24th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, SkyWater Technology has an average rating of “Buy” and an average price target of $15.60.

Shares of NASDAQ:SKYT opened at $7.15 on Friday. The stock has a market cap of $288.22 million, a price-to-earnings ratio of -4.28 and a beta of 4.14. The company has a quick ratio of 1.11, a current ratio of 1.35 and a debt-to-equity ratio of 1.43. SkyWater Technology has a 12-month low of $4.43 and a 12-month high of $36.80. The business’s 50 day moving average is $7.20 and its 200 day moving average is $11.21.

In other SkyWater Technology news, CFO Steve Manko sold 25,200 shares of the business’s stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of $10.25, for a total value of $258,300.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Sonderman sold 9,192 shares of the business’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $5.74, for a total value of $52,762.08. Following the completion of the sale, the chief executive officer now owns 538,536 shares in the company, valued at $3,091,196.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,203 shares of company stock worth $321,457.

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of SkyWater Technology by 4.4% during the 1st quarter. State Street Corp now owns 164,079 shares of the company’s stock valued at $1,777,000 after purchasing an additional 6,887 shares during the period. Mairs & Power Inc. raised its stake in shares of SkyWater Technology by 47.4% during the 1st quarter. Mairs & Power Inc. now owns 204,511 shares of the company’s stock valued at $2,215,000 after purchasing an additional 65,758 shares during the period. Renaissance Technologies LLC raised its stake in shares of SkyWater Technology by 62.3% during the 1st quarter. Renaissance Technologies LLC now owns 46,100 shares of the company’s stock valued at $499,000 after purchasing an additional 17,699 shares during the period. Vanguard Group Inc. raised its stake in shares of SkyWater Technology by 8.4% during the 1st quarter. Vanguard Group Inc. now owns 458,277 shares of the company’s stock valued at $4,964,000 after purchasing an additional 35,456 shares during the period. Finally, PNC Financial Services Group Inc. bought a new stake in shares of SkyWater Technology during the 1st quarter valued at $43,000. Institutional investors own 17.24% of the company’s stock.

About SkyWater Technology (Get Rating)

SkyWater Technology, Inc, together with its subsidiaries, provides semiconductor development and manufacturing services. 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, power discrete, microelectromechanical systems, and rad-hard integrated circuits.

See Also

Get a free copy of the Zacks research report on SkyWater Technology (SKYT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Want More Great Investing Ideas?

Receive News & Ratings for SkyWater Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SkyWater Technology and related companies with MarketBeat.com's FREE daily email newsletter.