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

SkyWater Technology, Inc. (NASDAQ:SKYT) shares 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 traded.

Analyst Ratings Changes

A number of research firms have commented on SKYT. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price objective on shares of SkyWater Technology in a report on Monday, November 11th. Piper Sandler lifted their price objective on 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 Trading Down 22.4 %

The stock has a market cap of $560.91 million, a price-to-earnings ratio of -33.63 and a beta of 3.43. 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 company has a 50 day moving average of $10.60 and a 200-day moving average of $9.28.

Insider Transactions at SkyWater Technology

In other news, Director Loren A. Unterseher sold 7,761 shares of the business’s stock in a transaction that occurred 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 owns 12,806,264 shares in the company, valued at approximately $118,714,067.28. The trade was a 0.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 42.55% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SKYT. Quarry LP purchased a new stake in SkyWater Technology during the 3rd quarter valued at approximately $35,000. Allworth Financial LP acquired a new stake in shares of SkyWater Technology during the third quarter worth $41,000. nVerses Capital LLC purchased a new position in SkyWater Technology during the third quarter worth about $60,000. The Manufacturers Life Insurance Company acquired a new position in SkyWater Technology during the 2nd quarter worth approximately $88,000. Finally, Algert Global LLC purchased a new position in shares of SkyWater Technology during the 2nd quarter worth approximately $107,000. Institutional investors and hedge funds 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.