SkyWater Technology Inc (NASDAQ:SKYT) shares are gaining Thursday after the company posted stronger-than-expected third-quarter earnings and revenue, along with upbeat guidance for the fourth-quarter.
- SKYT stock is racing ahead of the pack. See what is happening here.
What Happened: SkyWater Technology reported surprise adjusted earnings of 24 cents per share, versus the analyst consensus estimate for a loss of 17 cents per share. This represents a 200% increase compared to earnings of 8 cents per share from the same period last year.
The company reported quarterly revenue of $150.74 million, versus the analyst consensus estimate of $135.5 million. This marks a 60.68% increase compared to revenue of $93.82 million in the same period last year.
For the fourth quarter, SkyWater Technology sees a wide range of outcomes spanning from a loss of 8 cents of share to positive earnings of 4 cents per share. The company expects fourth-quarter revenue between $155 million and $165 million, versus the analyst consensus estimate of $161.67 million.
Following the strong results, Needham analyst Quinn Bolton maintained a Buy rating and raised the price target to $20 from $15. Piper Sandler analyst Harsh Kumar maintained an Overweight rating and increased the price target to $17 from $12. Also, TD Cowen analyst Krish Sankar reiterated a Buy rating and increased the price target to $24 from $22.
Separately, SkyWater Technology and QuamCore announced a multi-million-dollar partnership to develop a special manufacturing process for QuamCore's energy-efficient chip used in quantum computers on Thursday.
SKYT Price Action: SkyWater shares are up 32.6% at $19.50 at the time of publication on Thursday, according to Benzinga Pro. It’s been one of the stock’s bigger single-day jumps. The stock is currently 10% below its 52-week high and trading 24% above its 50-day moving average.
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