SkyWater Technology (NASDAQ:SKYT) Price Target Cut to $12.00 by Analysts at TD Cowen

SkyWater Technology (NASDAQ:SKYT) had its price objective dropped by equities research analysts at TD Cowen from $15.00 to $12.00 in a research report issued on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 57.69% from the stock’s previous close.

Separately, Needham & Company LLC reissued a “buy” rating and set a $12.00 price target on shares of SkyWater Technology in a research report on Thursday, February 27th.

SkyWater Technology Price Performance

Shares of NASDAQ SKYT opened at $7.61 on Thursday. SkyWater Technology has a 1-year low of $5.63 and a 1-year high of $19.00. The company has a current ratio of 0.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The firm has a market cap of $365.55 million, a P/E ratio of -21.74 and a beta of 3.40. The business’s 50 day moving average is $7.30 and its 200-day moving average is $9.39.

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

Insider Buying and Selling at SkyWater Technology

In other news, Director Gregory B. Graves sold 12,844 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $8.11, for a total transaction of $104,164.84. Following the completion of the sale, the director now owns 14,285 shares of the company’s stock, valued at approximately $115,851.35. This represents a 47.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 37.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SKYT. SBI Securities Co. Ltd. acquired a new position in shares of SkyWater Technology during the 4th quarter worth $572,000. UNICOM Systems Inc. bought a new position in SkyWater Technology in the fourth quarter valued at about $1,728,000. Vanguard Group Inc. raised its stake in SkyWater Technology by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 1,448,738 shares of the company’s stock worth $19,993,000 after acquiring an additional 40,060 shares in the last quarter. Trexquant Investment LP lifted its holdings in shares of SkyWater Technology by 169.7% in the fourth quarter. Trexquant Investment LP now owns 236,498 shares of the company’s stock worth $3,264,000 after acquiring an additional 148,802 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of SkyWater Technology in the 4th quarter valued at approximately $546,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

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.