Principal Financial Group Inc. Makes New Investment in SkyWater Technology, Inc. $SKYT

Principal Financial Group Inc. purchased a new stake in SkyWater Technology, Inc. (NASDAQ:SKYT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 40,310 shares of the company’s stock, valued at approximately $752,000. Principal Financial Group Inc. owned approximately 0.08% of SkyWater Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SKYT. AlphaQuest LLC increased its position in shares of SkyWater Technology by 119.7% in the third quarter. AlphaQuest LLC now owns 28,067 shares of the company’s stock worth $524,000 after purchasing an additional 15,290 shares during the last quarter. Federated Hermes Inc. lifted its position in SkyWater Technology by 13,712.9% during the third quarter. Federated Hermes Inc. now owns 347,119 shares of the company’s stock valued at $6,477,000 after purchasing an additional 344,606 shares during the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in SkyWater Technology in the 3rd quarter worth approximately $4,004,000. Perkins Capital Management Inc. increased its holdings in shares of SkyWater Technology by 86.4% in the 3rd quarter. Perkins Capital Management Inc. now owns 170,050 shares of the company’s stock worth $3,173,000 after buying an additional 78,800 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its holdings in shares of SkyWater Technology by 1.5% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 725,120 shares of the company’s stock worth $13,531,000 after buying an additional 10,976 shares during the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Analysts Set New Price Targets

SKYT has been the subject of several research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of SkyWater Technology in a research report on Monday, December 29th. Needham & Company LLC cut SkyWater Technology from a “buy” rating to a “hold” rating in a report on Monday, January 26th. Jefferies Financial Group upgraded SkyWater Technology to a “hold” rating in a research report on Tuesday, October 28th. Stifel Nicolaus set a $35.00 target price on SkyWater Technology in a research note on Monday, January 26th. Finally, Piper Sandler downgraded shares of SkyWater Technology from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $17.00 to $35.00 in a research note on Monday, January 26th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $32.00.

Insider Buying and Selling at SkyWater Technology

In other SkyWater Technology news, CEO Thomas Sonderman sold 5,210 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $13.38, for a total value of $69,709.80. Following the transaction, the chief executive officer owned 521,757 shares in the company, valued at approximately $6,981,108.66. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Loren A. Unterseher sold 100,000 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $14.54, for a total transaction of $1,454,000.00. Following the transaction, the director directly owned 4,487,394 shares of the company’s stock, valued at approximately $65,246,708.76. This trade represents a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 305,210 shares of company stock valued at $4,389,710 in the last three months. 37.85% of the stock is currently owned by corporate insiders.

SkyWater Technology Stock Performance

NASDAQ:SKYT opened at $28.74 on Thursday. The firm has a market cap of $1.39 billion, a PE ratio of 11.14 and a beta of 3.51. SkyWater Technology, Inc. has a fifty-two week low of $5.67 and a fifty-two week high of $36.27. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.61 and a current ratio of 0.67. The business has a 50 day moving average price of $26.26 and a 200-day moving average price of $18.97.

SkyWater Technology Company Profile

SkyWater Technology Solutions, Inc is a U.S.-based specialty semiconductor foundry headquartered in Bloomington, Minnesota. The company focuses on the development and manufacture of high-reliability integrated circuits using advanced processes on 200-millimeter wafers.

SkyWater’s service offerings span analog/mixed-signal, radio frequency (RF), micro-electromechanical systems (MEMS) and advanced packaging technologies. Its turnkey model includes multi-project wafer (MPW) runs, volume production, design enablement support and assembly and test services, enabling customers to take concepts from prototype to market.

Serving aerospace, defense, automotive, industrial, medical and communications sectors, SkyWater supports applications that demand rigorous performance, quality and traceability.