SkyWater Technology (NASDAQ:SKYT) Shares Gap Down to $30.16

SkyWater Technology, Inc. (NASDAQ:SKYT) gapped down before the market opened on Wednesday . The stock had previously closed at $30.16, but opened at $29.53. SkyWater Technology shares last traded at $29.34, with a volume of 1,362 shares.

A number of analysts have weighed in on the stock. Jefferies Financial Group cut shares of SkyWater Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $27.00 to $23.00 in a research note on Thursday, August 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 target price on shares of SkyWater Technology in a research note on Thursday, August 26th. Zacks Investment Research cut shares of SkyWater Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, August 11th. Finally, Cowen assumed coverage on shares of SkyWater Technology in a research note on Friday, July 2nd. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.50.

The company has a current ratio of 1.95, a quick ratio of 1.52 and a debt-to-equity ratio of 0.68. The firm has a 50 day simple moving average of $25.38.

SkyWater Technology (NASDAQ:SKYT) last released its earnings results on Tuesday, August 3rd. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.04. The firm had revenue of $41.19 million during the quarter, compared to analyst estimates of $41.30 million. On average, equities analysts anticipate that SkyWater Technology, Inc. will post -0.67 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP acquired a new stake in shares of SkyWater Technology in the 2nd quarter worth about $980,000. Marshall Wace North America L.P. purchased a new stake in shares of SkyWater Technology during the 2nd quarter valued at approximately $379,000. Morgan Stanley purchased a new stake in shares of SkyWater Technology during the 2nd quarter valued at approximately $134,000. Wells Fargo & Company MN purchased a new stake in shares of SkyWater Technology during the 2nd quarter valued at approximately $12,871,000. Finally, Woodline Partners LP purchased a new stake in SkyWater Technology in the 2nd quarter worth approximately $2,357,000. Hedge funds and other institutional investors own 19.27% of the company’s stock.

About SkyWater Technology (NASDAQ:SKYT)

SkyWater Technology, Inc manufactures integrated circuits. The company provides technology services for various microelectronics comprising integrated circuits (ICs); and related micro- and nanotechnology applications. It serves customers developing and manufacturing ICs in various markets, including aerospace and defense, automotive, computing and cloud, consumer, industrial, and medical.

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