SkyWater Technology (NASDAQ:SKYT) Hits New 1-Year High – Should You Buy?

SkyWater Technology, Inc. (NASDAQ:SKYT)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $38.50 and last traded at $38.7090, with a volume of 294728 shares traded. The stock had previously closed at $37.88.

Analyst Ratings Changes

Several brokerages recently issued reports on SKYT. Weiss Ratings reiterated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Friday, March 27th. Zacks Research upgraded shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $32.00.

SkyWater Technology Trading Up 1.6%

The company has a market cap of $1.89 billion, a P/E ratio of 16.56 and a beta of 3.30. The stock’s 50 day moving average is $31.70 and its 200-day moving average is $26.96. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.17.

SkyWater Technology (NASDAQ:SKYT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17). The firm had revenue of $160.69 million during the quarter, compared to the consensus estimate of $146.07 million. SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%. Research analysts anticipate that SkyWater Technology, Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Transactions at SkyWater Technology

In related news, CFO Steve Manko sold 91,109 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $27.84, for a total value of $2,536,474.56. Following the transaction, the chief financial officer owned 215,166 shares in the company, valued at $5,990,221.44. The trade was a 29.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 250,324 shares of company stock valued at $7,728,453. Insiders own 37.85% of the company’s stock.

Hedge Funds Weigh In On SkyWater Technology

A number of hedge funds have recently bought and sold shares of SKYT. AQR Capital Management LLC boosted its stake in SkyWater Technology by 112.0% in the 1st quarter. AQR Capital Management LLC now owns 313,993 shares of the company’s stock worth $2,226,000 after purchasing an additional 165,865 shares in the last quarter. Strs Ohio purchased a new position in SkyWater Technology in the 1st quarter worth about $173,000. Creative Planning raised its position in SkyWater Technology by 69.7% in the 2nd quarter. Creative Planning now owns 34,283 shares of the company’s stock worth $337,000 after buying an additional 14,085 shares during the last quarter. Rhumbline Advisers raised its position in SkyWater Technology by 27.4% in the 2nd quarter. Rhumbline Advisers now owns 47,643 shares of the company’s stock worth $469,000 after buying an additional 10,246 shares during the last quarter. Finally, American Century Companies Inc. purchased a new position in SkyWater Technology in the 2nd quarter worth about $377,000. Institutional investors own 70.00% of the company’s stock.

About SkyWater Technology

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater’s service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.