SkyWater Technology (NASDAQ:SKYT) Sees Strong Trading Volume – Here’s Why

SkyWater Technology, Inc. (NASDAQ:SKYT) saw unusually-strong trading volume on Tuesday . Approximately 379,993 shares traded hands during trading, a decline of 6% from the previous session’s volume of 405,189 shares.The stock last traded at $11.57 and had previously closed at $10.16.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of SkyWater Technology from $9.00 to $12.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC reissued a “buy” rating and set a $12.00 target price on shares of SkyWater Technology in a research note on Monday, November 11th.

SkyWater Technology Trading Up 26.0 %

The company has a 50 day moving average of $9.18 and a 200 day moving average of $8.55. The firm has a market cap of $610.05 million, a P/E ratio of -33.06 and a beta of 3.72. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.78 and a current ratio of 0.87.

Hedge Funds Weigh In On SkyWater Technology

Several institutional investors have recently bought and sold shares of SKYT. Quarry LP bought a new position in shares of SkyWater Technology in the 3rd quarter valued at approximately $35,000. Victory Capital Management Inc. raised its position in shares of SkyWater Technology by 4.2% in the second quarter. Victory Capital Management Inc. now owns 95,150 shares of the company’s stock valued at $728,000 after purchasing an additional 3,850 shares during the period. Allworth Financial LP acquired a new stake in shares of SkyWater Technology in the third quarter worth $41,000. XTX Topco Ltd boosted its holdings in shares of SkyWater Technology by 19.5% during the 2nd quarter. XTX Topco Ltd now owns 30,836 shares of the company’s stock worth $236,000 after buying an additional 5,038 shares during the period. Finally, nVerses Capital LLC acquired a new position in SkyWater Technology in the 3rd quarter valued at $60,000. 70.00% of the stock is currently owned by institutional investors.

About SkyWater Technology

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.