SkyWater Technology (NASDAQ:SKYT) Reaches New 1-Year High – Here’s What Happened

Shares of SkyWater Technology, Inc. (NASDAQ:SKYT) hit a new 52-week high on Wednesday . The company traded as high as $13.89 and last traded at $13.89, with a volume of 122853 shares trading hands. The stock had previously closed at $13.08.

Analyst Upgrades and Downgrades

SKYT has been the topic of several analyst reports. 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 stock an “overweight” rating in a research report on Friday, October 25th.

SkyWater Technology Stock Down 21.1 %

The company has a 50-day moving average of $9.46 and a 200-day moving average of $8.66. The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $592.84 million, a price-to-earnings ratio of -35.54 and a beta of 3.72.

Insider Transactions at SkyWater Technology

In other news, Director Loren A. Unterseher sold 7,761 shares of SkyWater Technology stock in a transaction on Friday, December 13th. The shares were sold at an average price of $9.27, for a total transaction of $71,944.47. Following the completion of the sale, the director now directly owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. The trade was a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 42.55% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of SkyWater Technology in the third quarter valued at about $35,000. Allworth Financial LP acquired a new position in SkyWater Technology in the 3rd quarter worth approximately $41,000. nVerses Capital LLC purchased a new position in SkyWater Technology during the 3rd quarter worth approximately $60,000. The Manufacturers Life Insurance Company acquired a new stake in SkyWater Technology during the 2nd quarter valued at approximately $88,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in SkyWater Technology by 98,866.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company’s stock valued at $91,000 after acquiring an additional 11,864 shares during the period. Hedge funds and other institutional investors own 70.00% of the company’s stock.

About SkyWater Technology

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.