SkyWater Technology (NASDAQ:SKYT) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of SkyWater Technology (NASDAQ:SKYT) from a hold rating to a strong sell rating in a report issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on SKYT. Craig Hallum downgraded SkyWater Technology from a “buy” rating to a “hold” rating and set a $35.00 price target for the company. in a research report on Tuesday, January 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Monday, December 29th. Stifel Nicolaus set a $35.00 price objective on shares of SkyWater Technology in a report on Monday, January 26th. Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and increased their target price for the company from $17.00 to $35.00 in a research report on Monday, January 26th. Finally, Needham & Company LLC lowered shares of SkyWater Technology from a “buy” rating to a “hold” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, SkyWater Technology presently has an average rating of “Reduce” and a consensus target price of $32.00.

SkyWater Technology Stock Up 1.0%

Shares of NASDAQ SKYT traded up $0.29 during trading on Wednesday, hitting $29.51. The stock had a trading volume of 273,087 shares, compared to its average volume of 2,458,695. SkyWater Technology has a 12 month low of $5.67 and a 12 month high of $36.27. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.67 and a quick ratio of 0.61. The company has a market capitalization of $1.43 billion, a PE ratio of 12.14 and a beta of 3.52. The firm has a fifty day moving average of $28.88 and a two-hundred day moving average of $20.26.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.02). SkyWater Technology had a negative return on equity of 8.42% and a net margin of 26.90%.The firm had revenue of $171.04 million for the quarter, compared to analysts’ expectations of $160.05 million. During the same quarter last year, the firm posted $0.04 earnings per share. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, equities research analysts forecast that SkyWater Technology will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On SkyWater Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Inspire Investing LLC raised its position in shares of SkyWater Technology by 2.5% in the fourth quarter. Inspire Investing LLC now owns 25,460 shares of the company’s stock worth $462,000 after buying an additional 612 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in SkyWater Technology by 56.4% in the second quarter. BNP Paribas Financial Markets now owns 2,749 shares of the company’s stock worth $27,000 after purchasing an additional 991 shares during the last quarter. NewEdge Advisors LLC boosted its position in SkyWater Technology by 10.7% during the third quarter. NewEdge Advisors LLC now owns 10,350 shares of the company’s stock valued at $193,000 after buying an additional 1,000 shares during the period. Quarry LP bought a new position in shares of SkyWater Technology during the fourth quarter valued at about $25,000. Finally, State of Wyoming purchased a new position in shares of SkyWater Technology in the fourth quarter worth about $35,000. 70.00% of the stock is currently owned by institutional investors.

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.