SkyWater Technology, Inc. (SKYT) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SKYT broke through the 200-day moving average, which suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, SKYT has gained 34.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account SKYT's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on SKYT for more gains in the near future.
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SkyWater Technology, Inc. (SKYT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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