Why Did SkyWater Technology Stock Gain 32% Today?

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Piper Sandler raised the stock’s price target to $17 from $12 and maintained an ‘overweight’ rating following its impressive Q3 print.

  • The company posted record quarterly revenue of $150.7 million, beating street estimates.
  • The company partnered with QuamCore to develop advanced Single Flux Quantum devices for scalable quantum computing.
  • Retail sentiment on Stocktwits regarding the stock flipped to ‘extremely bullish’ from ‘bearish’ a session earlier.
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Shares of SkyWater Technology Inc. (SKYT) surged 32% on Thursday, and are on track to record their highest intraday gains in nearly three months.

Piper Sandler raised the stock’s price target to $17 from $12 and maintained an ‘overweight’ rating, according to TheFly. The firm highlighted the company’s record revenue in the third quarter (Q3) with results exceeding expectations. 

Meanwhile, the company highlighted four new quantum customer engagements, with expected growth of over 30% growth this year and similar expectations going into next year.

It posted record quarterly revenue of $150.7 million, up 61% year-on-year, beating Stocktwits’ estimate of $135.5 million. Its non-GAAP net income of $0.24 per share also beat estimates.

Partnership With QuamCore

Earlier today, SkyWater Technology partnered with deep-tech startup QuamCore to develop advanced Single Flux Quantum (SFQ) devices for scalable quantum computing.

The partnership will leverage SkyWater’s manufacturing capabilities with QuamCore’s SFQ-based control architecture. While the exact deal amount wasn’t mentioned, it is said to be a “multi-million-dollar” contract, as per the release. 

The companies will co-engineer superconducting fabrication processes that integrate SFQ digital control circuits with qubit arrays, the core components of quantum computing systems.

“By combining our SFQ-based control technology with SkyWater’s proven advanced superconducting process expertise, we’re building the foundation for a truly scalable quantum system,” said Alon Cohen, CEO of QuamCore.

What Are Stocktwits Users Saying?

Retail sentiment on Stocktwits flipped to ‘extremely bullish’ from ‘bearish’ a session earlier, accompanied by ‘extremely high’ message volumes.

One user believes that the stock would have gained even more if not for the impact of macroeconomic headwinds.

Year-to-date, the stock has gained 35%.

For updates and corrections, email newsroom[at]stocktwits[dot]com<

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