Bank of New York Mellon Corp Sells 43,797 Shares of SkyWater Technology, Inc. (NASDAQ:SKYT)

Bank of New York Mellon Corp lowered its position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT) by 35.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,191 shares of the company’s stock after selling 43,797 shares during the quarter. Bank of New York Mellon Corp owned about 0.17% of SkyWater Technology worth $606,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Olympiad Research LP acquired a new stake in SkyWater Technology in the fourth quarter valued at approximately $108,000. Janney Montgomery Scott LLC purchased a new stake in shares of SkyWater Technology in the first quarter worth approximately $119,000. Cetera Advisors LLC raised its position in SkyWater Technology by 9.3% in the 1st quarter. Cetera Advisors LLC now owns 21,391 shares of the company’s stock valued at $218,000 after buying an additional 1,816 shares during the last quarter. Gabelli Funds LLC lifted its position in shares of SkyWater Technology by 2.1% during the fourth quarter. Gabelli Funds LLC now owns 61,202 shares of the company’s stock valued at $589,000 after purchasing an additional 1,275 shares in the last quarter. Finally, Baillie Gifford & Co. increased its stake in SkyWater Technology by 4.4% in the 2nd quarter. Baillie Gifford & Co. now owns 1,007,449 shares of the company’s stock valued at $7,707,000 after buying an additional 42,649 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

SkyWater Technology Stock Down 3.3 %

Shares of NASDAQ:SKYT opened at $8.87 on Tuesday. The firm has a market capitalization of $419.99 million, a PE ratio of -12.86 and a beta of 3.96. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.79 and a current ratio of 0.90. SkyWater Technology, Inc. has a 52-week low of $4.73 and a 52-week high of $12.97. The firm has a fifty day moving average of $8.46 and a 200 day moving average of $8.69.

SkyWater Technology (NASDAQ:SKYT) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.12. SkyWater Technology had a negative return on equity of 21.68% and a negative net margin of 7.88%. The firm had revenue of $93.33 million for the quarter, compared to the consensus estimate of $82.50 million. As a group, research analysts anticipate that SkyWater Technology, Inc. will post -0.26 EPS for the current fiscal year.

Insider Activity at SkyWater Technology

In other SkyWater Technology news, Director Loren A. Unterseher sold 2,673 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $10.00, for a total transaction of $26,730.00. Following the completion of the transaction, the director now owns 13,019,620 shares of the company’s stock, valued at $130,196,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 42.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their price target on SkyWater Technology from $14.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th.

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.