Off goes SKYT. The stock increased today. Here's what's going on:

SkyWater Technology Inc (SKYT) is trading 23% higher at $17.56 today. The stock is blasting past peers in the IT sector in what is an otherwise glum day for technology stocks. The company reported somewhat mixed earnings with an in-line EPS, but a strong revenue beat of $2.93M. The stock has received several price target upgrades since the news, and is poised to capture it's share of the dynamic "chip situation" in the U.S.

SkyWater Technology Inc has been trading between a 52-week high of $36.8 and a 52-week low of $4.43 and is currently trading in the middle of that range. The stock has a market cap of $708 Million.

SkyWater is a U.S.-owned and U.S.-based pure play semiconductor foundry and is a DOD-accredited Trusted supplier that specializes in custom technology development services, volume manufacturing, and advanced packaging capabilities.