BlackRock Fund Advisors recently announced the acquisition of new stake in SkyWater Technology Inc. (NASDAQ:SKYT). The institutional investor has increased its shareholding in the Technology company by 9.62% to 0.55 million shares with purchase of 48701.0 shares. This fresh investment now brings its stake to 1.28% valued currently at $3.94 million. In addition, The Vanguard Group, Inc. raised its holdings by 6154.0 to 0.45 million shares.
With over 0.15 million SkyWater Technology Inc. (SKYT) shares trading Monday and a closing price of $9.43 on the day, the dollar volume was approximately $1.38 million. The shares have shown a negative half year performance of -26.33% and its price on 01/23/23 gained nearly 4.55%. Currently, there are 40.67M common shares owned by the public and among those 12.40M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for SKYT have a consensus price objective of $16.40. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $10.00. The average price target is 42.5% above its recent price level and an upside to the estimated low will see the stock gain 5.7% over that period. But an upside of 52.85% will see the stock hit the forecast high price target while median target price for the stock is $18.00.
Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 308,926 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 6,139,860 shares.
The top 3 mutual fund holders in SkyWater Technology Inc. are Vanguard Total Stock Market Index, Emerald Growth Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 0.62 million shares of the company’s stock, all valued at over $4.42 million. The company bought an additional 0.32 million shares recently to bring their total holdings to about 1.44% of the shares outstanding. Emerald Growth Fund sold 67904.0 shares to see its total holdings shrink to 0.27 million shares valued at over $1.93 million and representing 0.63% of the shares outstanding. iShares Russell 2000 ETF sold 2501.0 shares to bring its total holdings to over 0.24 million shares at a value of $1.72 million. iShares Russell 2000 ETF now owns shares totaling to 0.56% of the shares outstanding.
Shares of SkyWater Technology Inc. (NASDAQ: SKYT) opened at $9.07, up $0.05 from a prior closing price of $9.02. However, the script later moved the day high at 9.53, up 4.55%. The company’s stock has a 5-day price change of -0.21% and 38.68% over the past three months. SKYT shares are trading 32.63% year to date (YTD), with the 12-month market performance down to -16.92% lower. It has a 12-month low price of $4.43 and touched a high of $20.95 over the same period. SKYT has an average intraday trading volume of 213.90K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 17.76%, 5.98%, and 4.75% respectively.
Institutional ownership of SkyWater Technology Inc. (NASDAQ: SKYT) shares accounts for 12.40% of the company’s 40.67M shares outstanding. Mutual fund holders own 5.77%, while other institutional holders and individual stakeholders account for 69.69% and 5.47% respectively.
It has a market capitalization of $383.14M. The earnings-per-share (ttm) stands at -$1.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.29% over the week and 6.24% over the month.
Analysts forecast that SkyWater Technology Inc. (SKYT) will achieve an EPS of -$0.25 for the current quarter, -$0.22 for the next quarter and -$0.46 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.27 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was -$0.29 a year ago. Earnings per share for the fiscal year are expected to decrease by -221.90%, and 61.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate SkyWater Technology Inc. (SKYT) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SKYT, a number of firms have released research notes about the stock. Craig Hallum stated their Buy rating for the stock in a research note on April 26, 2022, with the firm’s price target at $10. Jefferies coverage for the SkyWater Technology Inc. (SKYT) stock in a research note released on August 05, 2021 offered a Hold rating with a price target of $23. Needham was of a view on July 16, 2021 that the stock is Buy, while Piper Sandler gave the stock Overweight rating on May 17, 2021, issuing a price target of $25. Jefferies on their part issued Buy rating on May 17, 2021.