Needham & Company LLC Reiterates “Buy” Rating for SkyWater Technology (NASDAQ:SKYT)

Needham & Company LLC restated their buy rating on shares of SkyWater Technology (NASDAQ:SKYT) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $12.00 price objective on the stock.

Separately, Piper Sandler boosted their price objective on shares of SkyWater Technology from $9.00 to $12.00 and gave the company an “overweight” rating in a report on Friday, October 25th.

SkyWater Technology Price Performance

Shares of SKYT stock opened at $8.22 on Monday. The business’s fifty day simple moving average is $9.32 and its 200-day simple moving average is $8.58. The company has a quick ratio of 0.79, a current ratio of 0.87 and a debt-to-equity ratio of 0.53. SkyWater Technology has a 12-month low of $5.63 and a 12-month high of $12.97.

Insider Activity

In other SkyWater Technology news, Director Loren A. Unterseher sold 2,673 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $10.00, for a total value of $26,730.00. Following the sale, the director now directly owns 13,019,620 shares of the company’s stock, valued at approximately $130,196,200. This represents a 0.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 42.55% of the company’s stock.

Institutional Investors Weigh In On SkyWater Technology

Several hedge funds have recently added to or reduced their stakes in the business. Emerald Advisers LLC boosted its holdings in SkyWater Technology by 1.7% in the third quarter. Emerald Advisers LLC now owns 1,113,353 shares of the company’s stock valued at $10,109,000 after purchasing an additional 18,423 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in SkyWater Technology by 4.4% in the second quarter. Baillie Gifford & Co. now owns 1,007,449 shares of the company’s stock valued at $7,707,000 after purchasing an additional 42,649 shares during the last quarter. Lountzis Asset Management LLC purchased a new stake in SkyWater Technology in the second quarter valued at $2,212,000. Charles Schwab Investment Management Inc. boosted its stake in shares of SkyWater Technology by 20.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 199,318 shares of the company’s stock worth $1,810,000 after acquiring an additional 34,383 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of SkyWater Technology by 183.6% during the 2nd quarter. AQR Capital Management LLC now owns 119,828 shares of the company’s stock worth $917,000 after acquiring an additional 77,571 shares in the last quarter. 70.00% of the stock is owned by hedge funds and other institutional investors.

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.