The Manufacturers Life Insurance Company Purchases New Stake in SkyWater Technology, Inc. (NASDAQ:SKYT)

The Manufacturers Life Insurance Company acquired a new position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 11,484 shares of the company’s stock, valued at approximately $88,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its position in shares of SkyWater Technology by 98,866.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 11,876 shares of the company’s stock worth $91,000 after purchasing an additional 11,864 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in SkyWater Technology during the first quarter valued at approximately $119,000. Squarepoint Ops LLC bought a new position in SkyWater Technology during the 2nd quarter worth approximately $161,000. Renaissance Technologies LLC acquired a new position in shares of SkyWater Technology in the 2nd quarter worth approximately $195,000. Finally, Cetera Advisors LLC increased its holdings in shares of 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 acquiring an additional 1,816 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler decreased their price objective on shares of SkyWater Technology from $14.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, August 8th.

SkyWater Technology Stock Performance

Shares of SKYT stock opened at $9.82 on Monday. The company has a market cap of $464.98 million, a P/E ratio of -14.23 and a beta of 3.95. The business has a 50 day moving average of $9.15 and a two-hundred day moving average of $8.53. SkyWater Technology, Inc. has a 52 week low of $4.73 and a 52 week high of $12.97. The company has a quick ratio of 0.79, a current ratio of 0.90 and a debt-to-equity ratio of 0.66.

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

Insider Buying and Selling at SkyWater Technology

In other news, Director Loren A. Unterseher sold 2,673 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were 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 in the company, valued at approximately $130,196,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 42.55% of the stock is currently owned by company insiders.

SkyWater Technology 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.