Needham & Company LLC Reiterates Buy Rating for SkyWater Technology (NASDAQ:SKYT)

Needham & Company LLC reissued their buy rating on shares of SkyWater Technology (NASDAQ:SKYT) in a research note issued to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a $12.00 target price on the stock.

SkyWater Technology Stock Down 10.4 %

SKYT opened at $9.13 on Thursday. SkyWater Technology has a 12 month low of $5.63 and a 12 month high of $19.00. The stock has a market cap of $435.10 million, a P/E ratio of -26.09 and a beta of 3.37. The stock’s 50 day moving average price is $11.50 and its 200 day moving average price is $10.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.87 and a quick ratio of 0.78.

SkyWater Technology (NASDAQ:SKYT) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.10. SkyWater Technology had a negative return on equity of 12.40% and a negative net margin of 4.75%. The company had revenue of $75.49 million for the quarter, compared to analysts’ expectations of $74.25 million. As a group, research analysts predict that SkyWater Technology will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Loren A. Unterseher sold 7,761 shares of the firm’s stock in a transaction 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 trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 42.55% of the company’s stock.

Institutional Trading of SkyWater Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in SkyWater Technology by 6.4% in the third quarter. Geode Capital Management LLC now owns 586,933 shares of the company’s stock valued at $5,330,000 after purchasing an additional 35,219 shares in the last quarter. UNICOM Systems Inc. acquired a new position in shares of SkyWater Technology during the 4th quarter worth about $1,728,000. SG Americas Securities LLC acquired a new position in shares of SkyWater Technology during the 4th quarter worth about $225,000. Baillie Gifford & Co. lifted its position in shares of SkyWater Technology by 65.4% during the 4th quarter. Baillie Gifford & Co. now owns 1,665,284 shares of the company’s stock worth $22,981,000 after purchasing an additional 658,431 shares during the last quarter. Finally, Barclays PLC raised its holdings in SkyWater Technology by 167.0% in the 3rd quarter. Barclays PLC now owns 47,204 shares of the company’s stock valued at $429,000 after acquiring an additional 29,523 shares in the last quarter. 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.