Lazard Asset Management LLC Has $1.86 Million Holdings in SkyWater Technology, Inc. $SKYT

Lazard Asset Management LLC trimmed its position in SkyWater Technology, Inc. (NASDAQ:SKYT) by 60.4% in the first quarter, Holdings Channel reports. The fund owned 68,043 shares of the company’s stock after selling 103,845 shares during the quarter. Lazard Asset Management LLC’s holdings in SkyWater Technology were worth $1,865,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Millennium Management LLC grew its position in SkyWater Technology by 3,396.4% during the 3rd quarter. Millennium Management LLC now owns 775,364 shares of the company’s stock worth $14,468,000 after acquiring an additional 753,188 shares during the last quarter. State Street Corp raised its position in SkyWater Technology by 134.1% in the fourth quarter. State Street Corp now owns 1,210,673 shares of the company’s stock valued at $21,986,000 after purchasing an additional 693,470 shares during the last quarter. Trexquant Investment LP bought a new position in SkyWater Technology in the fourth quarter valued at about $6,745,000. Ameriprise Financial Inc. boosted its stake in shares of SkyWater Technology by 15.7% during the second quarter. Ameriprise Financial Inc. now owns 1,693,056 shares of the company’s stock valued at $16,660,000 after purchasing an additional 229,954 shares in the last quarter. Finally, Pier Capital LLC acquired a new stake in shares of SkyWater Technology during the fourth quarter valued at about $3,365,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

SkyWater Technology Stock Performance

Shares of SKYT stock opened at $32.46 on Tuesday. The stock has a market capitalization of $1.60 billion, a PE ratio of 13.93 and a beta of 3.39. The business’s 50 day simple moving average is $34.56 and its 200 day simple moving average is $32.17. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.44. SkyWater Technology, Inc. has a one year low of $8.49 and a one year high of $39.93.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter. The firm had revenue of $160.69 million for the quarter. SkyWater Technology had a negative return on equity of 7.88% and a net margin of 21.04%. As a group, research analysts forecast that SkyWater Technology, Inc. will post -0.42 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SKYT. Zacks Research upgraded shares of SkyWater Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of SkyWater Technology in a report on Wednesday, June 24th. One 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 stock. Based on data from MarketBeat.com, SkyWater Technology currently has an average rating of “Hold” and an average target price of $32.00.

Insider Buying and Selling at SkyWater Technology

In other news, CFO Steve Manko sold 75,000 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $35.08, for a total transaction of $2,631,000.00. Following the completion of the sale, the chief financial officer directly owned 96,567 shares in the company, valued at $3,387,570.36. This represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 22.56% of the stock is currently owned by company insiders.

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.