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In a recent transaction, Loren A. Unterseher, a director and ten-percent owner of SkyWater Technology, Inc. (NASDAQ:SKYT), sold a total of 2,673 shares of the company's common stock. The sale took place on August 23, 2024, with the total value of the shares sold amounting to approximately $26,735.
The shares were sold at a weighted average price of $10.00 to $10.02 per share. This price range reflects the varying prices at which the stock was sold in multiple transactions on the same day. The specific details of the number of shares sold at each price point have been made available for review upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer.
Following the sale, Unterseher's direct ownership in SkyWater Technology stands at 13,019,620 shares of common stock. Additionally, the report disclosed various indirect holdings, including shares owned by trusts for the benefit of Unterseher's family members and by his spouse.
Investors often monitor insider transactions such as these for insights into the perspectives of company executives and directors regarding the stock's value. While the sale of shares by an insider does not necessarily indicate a lack of confidence in the company, it can provide valuable context for the market to consider.
SkyWater Technology, Inc., based in Bloomington, Minnesota, operates in the semiconductor and related devices industry. The company has been gaining attention in the tech sector for its role in manufacturing and advancing semiconductor technology.
For more detailed information on the transactions and ownership, interested parties can refer to the full Form 4 filing with the U.S. Securities and Exchange Commission.
In other recent news, SkyWater Technology has marked a record-breaking second quarter in 2024, with revenues reaching $93 million and non-GAAP positive EPS for the first time. The company's growth has been largely driven by its aerospace and defense business, with Advanced Technology Services (ATS) development revenue reaching nearly $62 million, an 18% increase year-over-year. Tool revenues also exceeded forecast, hitting $26 million. Despite some underperformance in the broader industrial segment, Wafer Services revenue was slightly above expectations.
SkyWater Technology's outlook for the rest of the year includes a 10-20% revenue growth in ATS development and a significant decline in Wafer Services revenue. The company also reported strong free cash flow generation and a reduction in overall indebtedness. In the third quarter, total revenue expectations are in the mid $90 million range. The company anticipates a non-GAAP gross margin in the mid to high teens, and the revenue outlook for the full year remains largely unchanged. These are recent developments that highlight the company's resilience and strategic focus, particularly in its aerospace and defense business.
InvestingPro Insights
In light of the recent insider transaction at SkyWater Technology, Inc. (NASDAQ:SKYT), where director Loren A. Unterseher sold shares, market participants may be seeking additional context to understand the company's financial position and performance. InvestingPro data offers real-time metrics that can provide valuable insights into SkyWater's current market standing.
InvestingPro Data shows that SkyWater Technology has a market capitalization of approximately $439.18 million, indicating the size and scale of the company within the semiconductor industry. Despite a robust revenue growth of 27.8% over the last twelve months as of Q2 2024, the company's financials also reveal a negative P/E ratio of -17.09 and an adjusted P/E ratio of -19.95 for the same period, suggesting that the company has been facing challenges in turning its revenue into net income.
Moreover, the company's gross profit margin stands at 17.93%, which aligns with one of the InvestingPro Tips that highlights SkyWater's weak gross profit margins. This metric is crucial for investors as it reflects the efficiency of the company in controlling the costs associated with the production of its semiconductors.
Adding to the picture of volatility, the stock has experienced a significant price swing over the last month with a 23.08% return, yet it has taken a hit over the last week with an 8.48% decrease in total return. These fluctuations are a testament to the InvestingPro Tip that points out the stock's volatile price movements, which could be a factor for investors to consider when evaluating the risk associated with the stock.
For those interested in more detailed analysis and additional InvestingPro Tips, there are currently 9 other tips listed on InvestingPro for SkyWater Technology, which can be found at: https://www.investing.com/pro/SKYT. These tips may offer further insights into the company's valuation multiples, profitability expectations, and dividend policies, helping investors make more informed decisions.
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