Why SkyWater Technology, Inc. (SKYT) Dipped More Than Broader Market Today

SkyWater Technology, Inc. (SKYT) closed the most recent trading day at $27.36, moving -2.81% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 1.52%. At the same time, the Dow lost 1.56%, and the tech-heavy Nasdaq lost 1.78%.

Prior to today's trading, shares of the company had lost 4.25% lagged the Computer and Technology sector's loss of 1.66% and the S&P 500's loss of 2.25%.

The upcoming earnings release of SkyWater Technology, Inc. will be of great interest to investors. The company's upcoming EPS is projected at -$0.08, signifying steadiness compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $147 million, indicating a 139.8% increase compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.26 per share and a revenue of $605 million, indicating changes of -2700% and +36.83%, respectively, from the former year.

Any recent changes to analyst estimates for SkyWater Technology, Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5% downward. SkyWater Technology, Inc. presently features a Zacks Rank of #5 (Strong Sell).

The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 77, this industry ranks in the top 32% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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