Loren A. Unterseher, a director and significant shareholder of SkyWater Technology, Inc. (NASDAQ:SKYT), sold 7,761 shares of the company's common stock. The transactions, which took place on December 13, 2024, were executed at prices ranging from $9.25 to $9.34 per share, with a weighted average price of $9.2663, amounting to a total of approximately $71,915. Since these transactions, SKYT shares have surged significantly, with the stock now trading at $13.08, near its 52-week high of $13.55.
Following these transactions, Unterseher's direct ownership of SkyWater Technology stands at 12,806,264 shares. Additionally, various indirect holdings are maintained through family trusts and other entities. SkyWater Technology, based in Bloomington, Minnesota, operates in the semiconductor industry with a market capitalization of $623 million. According to InvestingPro analysis, the company has shown strong momentum with a 61% return over the past year, though investors should note its volatile trading pattern. For deeper insights into SKYT's valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, SkyWater Technology has reported substantial developments. The semiconductor manufacturer has secured a preliminary memorandum of terms with the CHIPS for America program, potentially unlocking up to $16 million in federal funding, supplemented by $19 million from the State of Minnesota's Forward Fund. This investment aims to increase the company's semiconductor production capacity by an estimated 30% and is expected to generate around 70 new jobs in Bloomington.
SkyWater Technology has also reported a record Q3 2024 revenue of $94 million, with a positive non-GAAP earnings per share of $0.08. The company anticipates Q4 revenue to range between $72 million and $76 million, forecasting an 18% to 20% revenue growth for the full year of 2024.
Moreover, the company has extended its loan and security agreement with Siena Lending Group LLC, increasing the facility amount from $100 million to $130 million and extending the maturity date to December 31, 2028. A multiyear supply agreement with NanoDx has also been announced, which is expected to drive future growth through significant customer co-investment and new tooling capabilities. These are recent developments that have shaped SkyWater Technology's financial trajectory.
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