Principal Financial Group Inc. Purchases 34,245 Shares of SkyWater Technology, Inc. $SKYT

Principal Financial Group Inc. raised its position in shares of SkyWater Technology, Inc. (NASDAQ:SKYT) by 57.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 93,637 shares of the company’s stock after buying an additional 34,245 shares during the quarter. Principal Financial Group Inc. owned about 0.19% of SkyWater Technology worth $2,567,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SKYT. Pier Capital LLC purchased a new stake in shares of SkyWater Technology during the 4th quarter worth approximately $3,365,000. Tudor Investment Corp ET AL purchased a new position in shares of SkyWater Technology in the 3rd quarter valued at $1,202,000. JPMorgan Chase & Co. grew its position in shares of SkyWater Technology by 273.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 46,911 shares of the company’s stock valued at $875,000 after buying an additional 34,355 shares during the last quarter. BIP Wealth LLC acquired a new stake in SkyWater Technology during the 4th quarter worth $361,000. Finally, SBI Securities Co. Ltd. raised its stake in SkyWater Technology by 42.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 57,680 shares of the company’s stock worth $1,047,000 after acquiring an additional 17,226 shares in the last quarter. 70.00% of the stock is currently owned by institutional investors.

SkyWater Technology Price Performance

SKYT stock opened at $32.46 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $1.60 billion, a P/E ratio of 13.93 and a beta of 3.34. The business has a 50 day simple moving average of $34.75 and a 200-day simple moving average of $32.13. SkyWater Technology, Inc. has a twelve month low of $8.49 and a twelve month high of $39.93.

SkyWater Technology (NASDAQ:SKYT) last announced its earnings results on Friday, May 8th. The company reported ($0.25) EPS for the quarter. SkyWater Technology had a net margin of 21.04% and a negative return on equity of 7.88%. The business had revenue of $160.69 million during the quarter. As a group, equities analysts anticipate that SkyWater Technology, Inc. will post -0.42 EPS for the current year.

Insider Transactions at SkyWater Technology

In other SkyWater Technology news, CFO Steve Manko sold 75,000 shares of SkyWater Technology stock in a transaction on Monday, May 11th. The shares were sold at an average price of $35.08, for a total value of $2,631,000.00. Following the transaction, the chief financial officer directly owned 96,567 shares in the company, valued at approximately $3,387,570.36. The trade was a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 22.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SKYT shares. Weiss Ratings restated a “sell (e+)” rating on shares of SkyWater Technology in a research note on Wednesday, June 24th. Zacks Research upgraded SkyWater Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, SkyWater Technology currently has a consensus rating of “Hold” and an average target price of $32.00.

SkyWater Technology 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.