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Strength Seen in SkyWater Technology (SKYT): Can Its 8.3% Jump Turn into More Strength?
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SkyWater Technology, Inc. (SKYT - Free Report) shares ended the last trading session 8.3% higher at $15.69. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 55.5% gain over the past four weeks.
SkyWater Technology is benefiting from significant customer co-investment, record tools revenue, and growing commercial partnerships, leading to growth in its Aerospace and Defense Technologies and Wafer Services segments.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -250%. Revenues are expected to be $74.1 million, down 6.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For SkyWater Technology, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SKYT going forward to see if this recent jump can turn into more strength down the road.
SkyWater Technology is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Applied Materials (AMAT - Free Report) , finished the last trading session 4.4% higher at $177.48. AMAT has returned -1.7% over the past month.
For Applied Materials, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.28. This represents a change of +7% from what the company reported a year ago. Applied Materials currently has a Zacks Rank of #3 (Hold).
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Strength Seen in SkyWater Technology (SKYT): Can Its 8.3% Jump Turn into More Strength?
SkyWater Technology, Inc. (SKYT - Free Report) shares ended the last trading session 8.3% higher at $15.69. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 55.5% gain over the past four weeks.
SkyWater Technology is benefiting from significant customer co-investment, record tools revenue, and growing commercial partnerships, leading to growth in its Aerospace and Defense Technologies and Wafer Services segments.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -250%. Revenues are expected to be $74.1 million, down 6.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For SkyWater Technology, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SKYT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SkyWater Technology is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Applied Materials (AMAT - Free Report) , finished the last trading session 4.4% higher at $177.48. AMAT has returned -1.7% over the past month.
For Applied Materials, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.28. This represents a change of +7% from what the company reported a year ago. Applied Materials currently has a Zacks Rank of #3 (Hold).