We recently compiled a list of it 9 High Growth Small Cap Stocks That Are Profitable. The eighth stock on our list of high growth stocks is Skywater Technology, Inc.

The Fly reported on January 27 that TD Cowen kept Sky from Buy to Hold while raising his price target from $24 to $35. After the changeover, the company’s deal will be acquired by IonQ at a price of $35 per share for SkyT, or about $1.88 billion.

Similarly, on the same day, Craig Helm also downgraded Skywater Technology, Inc. (NASDAQ: SKYT) to Buy and set a $35 price target following the announcement of its acquisition by IonQ. The firm indicated that the transaction is likely to be completed and said that potential concerns from other Quantum customers are unlikely to derail the deal. Craig Helm also pointed out that Skyte’s shares are trading within about 10% of the consensus transaction price.

Skywater Technology, Inc. (NASDAQ: SKYT) is a US-based pure-play semiconductor foundry that provides design, development and manufacturing services for chips in the aerospace, defense, automotive and industrial markets. The company supports secure domestic manufacturing with advanced fabric capabilities and strategic partnerships to strengthen the U.S. semiconductor supply chain.

While we recognize SkyT’s potential as an investment, we believe some AI stocks offer more upside potential and less downside risk. If you’re looking for an extremely undervalued AI stock that stands to benefit significantly from Trump-era revenues and the onshoring trend, check out our free report Best Short Term AI Stocks.

Read next: 12 Best Multibagger Stocks to Go in 2026 And 7 Best Rising Tech Stocks to Buy Now.

Disclosure: None.