Shares of SkyWater Technology, Inc. (NASDAQ: SKYT) received an average recommendation of “Moderate Buy” from seven ratings firms, as reported by MarketBeat. While one analyst issued a sell rating and another a hold rating, five analysts expressed a positive outlook by assigning buy ratings. The average 12-month price target for the stock is set at $21.50, reflecting a consensus view among brokerages that have updated their assessments over the past year.
Several brokerages have provided insights into their evaluations of SkyWater Technology. On December 29, 2023, Weiss Ratings reaffirmed a “sell (e+)” rating for the company. Conversely, Cowen maintained a “buy” rating in a report published on November 6, 2023. On the same day, Needham & Company LLC raised its price target from $15.00 to $20.00 while also issuing a buy rating. Additionally, Stifel Nicolaus began coverage with a buy rating and a target price of $25.00 in a note dated October 21, 2023. Jefferies Financial Group elevated SkyWater Technology to a “hold” rating on October 28, 2023.
SkyWater Technology reported its quarterly earnings on November 5, 2023, announcing earnings per share of $0.24. This figure surpassed analysts’ expectations, which had estimated a loss of $0.17 per share. The company generated revenue of $150.74 million, exceeding the consensus estimate of $135.50 million. SkyWater Technology also reported a net margin of 36.36% and a negative return on equity of 4.96%. For the upcoming quarter, the company has projected earnings per share guidance ranging from -0.080 to 0.040.
In insider trading activities, Loren A. Unterseher, a director at SkyWater Technology, sold 100,000 shares of the company on November 26, 2023, at an average price of $14.54, totaling approximately $1.45 million. Following this transaction, Unterseher retained 4,487,394 shares valued at around $65.25 million. This sale represented a 2.18% reduction in his holdings. The transaction was disclosed in a filing with the SEC.
Additionally, Steve Manko, Chief Financial Officer of SkyWater Technology, sold 50,000 shares on November 14, 2023, at an average price of $17.40, amounting to approximately $870,000. Following this sale, Manko holds 277,122 shares valued at about $4.82 million, reflecting a decrease of 15.28% in his position. Over the last quarter, insiders sold a total of 384,279 shares, valued at roughly $5.76 million. Currently, company insiders own 37.85% of the total shares.
Institutional investors have also adjusted their holdings in SkyWater Technology. Federated Hermes Inc. acquired a new stake valued at approximately $25,000 in the second quarter. BNP Paribas Financial Markets increased its position by 56.4% during the same period, owning 2,749 shares worth about $27,000 after purchasing an additional 991 shares. Financial Management Professionals Inc. also bought a new stake valued at around $32,000 during the second quarter.
On the other hand, Russell Investments Group Ltd. significantly increased its holdings by 814.1% in the third quarter, now owning 2,468 shares worth $46,000. CWM LLC raised its position by 291.3% in the same period, holding 3,138 shares valued at approximately $59,000. Currently, hedge funds and institutional investors hold around 70.00% of SkyWater Technology’s stock.
Headquartered in Bloomington, Minnesota, SkyWater Technology Solutions, Inc. is a specialty semiconductor foundry. The company specializes in the development and production of high-reliability integrated circuits, utilizing advanced processes on 200-millimeter wafers. Its service offerings encompass areas such as analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS), and advanced packaging technologies. The company’s operations support various sectors, including aerospace, defense, automotive, industrial, medical, and communications, ensuring rigorous performance and quality standards.
This overview of SkyWater Technology highlights the company’s current market standing, insider trading activities, and insights from institutional investors, providing a comprehensive snapshot of its financial health and investor sentiment.
