SKS Technologies Group Ltd (ASX: SKS) shares are $6.99 apiece, up 3.1% on Friday.

This has been a bad week for SKS Technologies investors, who have seen their stock plummet 20% in value.

A couple of factors are likely playing into the share price drop.

Let’s investigate.

Why have SKS Technologies shares dropped?

SKS Technologies specialises in the design and installation of electrical technologies and digital infrastructure, including data centres.

It appears the company has been affected by the fallout from the much-anticipated Firmus ASX IPO not going ahead.

Firmus designs and operates data centres. The founders confirmed that the ASX IPO would not proceed last Friday.

Over the past five days, SKS Technologies shares have fallen 20%.

On Tuesday, SKS Technologies responded to a price query from the ASX.

The ASX noted that SKS Technologies shares had traded at an intraday peak of $8.605 before closing at $6.89 on high trading volumes.

SKS Technologies said:

The Company notes that there have been recent announcements involving participants in the broader data centre sector which may have influenced investor sentiment toward companies exposed to the sector.

The Company is not aware of any information that will adversely impact existing projects, or future opportunities relevant to SKS.

The Company’s work in hand and pipeline remains consistent with the ASX announcement as disclosed on Tuesday 7 October.

SKS continues to maintain a strong pipeline of opportunities and remains actively engaged in converting those opportunities into secured
work.

The Company has not received any communication indicating that any future opportunities have been delayed or cancelled and, in recent months, has continued to receive additional inbound opportunities that further support its future growth prospects.

Firmus shareholder and electrical infrastructure contractor, Maas Group Holdings Ltd (ASX: MGH), was also affected by the IPO cancellation.

The Maas share price has fallen 17% this week.

What else has happened?

SKS Technologies Executive Chair Peter Jinks, Executive Director Greg Jinks, and an associated entity of CEO Matthew Jinks sold 10 million shares on-market last Wednesday, 7 October.

That was a day after SKS Technologies announced the awarding of an additional $38 million of work at a Melbourne data centre project.

The majority of the 10 million shares sold belonged to Peter and Greg Jinks.

The sale represented approximately 30% of the shares held by the Jinks family.

ASX disclosures show the shares sold for an average $10.48 apiece.

Peter and Greg Jinks each sold 4,457,000 SKS Technologies shares worth a combined $94.4 million.

SKS Technologies issued a statement explaining why the family had sold such a large position.

The company said:

The Share Sale was in response to a high level of inbound interest from investors, and the Vendors determined that the Share Sale will support the marketability and liquidity of SKS shares, as well as for wealth diversification purposes.

The Jinks family will hold ~21% of the Company and will remain the majority shareholder following completion of the transaction.

SKS Technologies added:

The Jinks family retains strong conviction in the future prospects of the Company and have no intention to conduct further sales for the foreseeable future.

The SKS Technologies share price fell 12% on the day investors learned of the sell-down.

SKS Technologies will hold its annual general meeting (AGM) on Thursday, 26 November.

The post SKS Technologies shares tank 20% after Firmus IPO flop and directors' $94M sale appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sks Technologies Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Materials Index (ASX: XMJ) is up 9% in 2026, further capitalising on last year’s 32% growth.

The materials sector, which is dominated by ASX mining shares, was the best-performing sector of 2025.

This year, it’s running fourth behind energy (up 31%), consumer staples (17%), and utilities (10%).

Commodity prices have been resilient in 2026, which has supported mining stock valuations.

The green energy transition and other factors are providing strong drivers for new long-term growth in Australia’s mining sector.

However, over the next five years, the government forecasts many commodity prices to peak in FY27 and decline through to FY31.

With that said, let’s look at some ASX 200 mining shares with buy recommendations from Bell Potter.

PLS Group Ltd (ASX: PLS)

The PLS Group share price is $3.02, up 1.7% today.

This ASX 200 lithium mining share has tumbled 30% in the calendar year to date (YTD).

Bell Potter upgraded PLS Group shares to a buy rating on Wednesday.

The broker cut its 12-month price target from $5.20 to $4.40.

This suggests a potential 45% upside ahead.

Analyst James Williamson said:

We upgrade to a Buy recommendation on recent share price weakness.

At current lithium market prices, PLS will generate substantial earnings and cash flow with the restart of the 200ktpa Ngungaju processing plant.

P2000 and Colina development studies are being progressed, providing organic growth optionality in markets with strong underlying EV and BESS-led long term demand fundamentals.

Minerals 260 Ltd (ASX: MI6)

The Minerals 260 share price is 81 cents, up 6.6% today.

This ASX 200 gold mining share has ripped 88% YTD despite a 3% fall in the gold commodity price.

Bell Potter maintained a speculative buy rating on Minerals 260 shares this week.

The broker kept its 12-month target of $1.45 in place.

This suggests a potential 79% upside ahead.

Analyst David Coates said:

MI6 offers gold exposure via the 6.2Moz BGP, valuation uplift through exploration success, project advancement and de-risking as the BGP progresses towards production.

MI6 is now largely funded to develop the BGP and on track to complete a DFS and make a FID in early CY27, plus secure long-lead items and commence early site works.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $44.67, up 0.7% today.

This ASX 200 lithium and iron ore mining share has fallen 19% YTD.

Bell Potter reiterated its buy call on Mineral Resources shares on Wednesday.

The broker slashed its 12-month price target from $75 to $63.

This suggests a potential 41% upside ahead.

Analyst James Williamson said:

Completion of the US$765m MIN-POSCO lithium transaction is expected in the current half, and will accelerate balance sheet deleveraging paired with strong cash flows from iron ore and lithium operations.

MIN’s mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume
growth. The company is strongly positioned to execute its next phase of growth, having reinstated dividends.

The post 3 ASX 200 mining shares to buy with 41% to 79% upside ahead: broker appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are up 0.8% to 8,795 points on Friday.

Let’s take a look at some new ratings from Morgans.

Paladin Energy Ltd (ASX: PDN) 

The Paladin Energy share price is $7.40, up 7% today and down 25% over 12 months. 

Morgans has a buy rating on this ASX 200 uranium mining share.

In a new note, Morgans shaved its 12-month price target down from $13.30 to $13.10.

The broker said: 

PDN’s 1Q27 result reflected the anticipated slow start to FY27, with Langer Heinrich Mine (LHM) uranium production of 1.0Mlbs below consensus expectations of 1.16Mlbs. Uranium sales of 1.16Mlbs were in line with consensus expectations of 1.13Mlbs.

The result was impacted by the flagged and planned July plant shutdown and weaker recovery rates due to ore characteristics.

Mining momentum and realised pricing – mining performance improved qoq following strong performance in 4Q26 and realised pricing increased 12% to US$79.4/lb, a record at LHM.

Following recent share price weakness, we upgrade our rating to BUY (previously ACCUMULATE) with a price target of A$13.10ps (previously A$13.30ps).

Rio Tinto Ltd (ASX: RIO)

Rio Tinto shares are $154.23, up 1% today and up 19% over 12 months. 

Morgans has a hold rating on this ASX 200 mining share. 

In a new note, the broker increased its 12-month target on Rio Tinto shares from $159 to $162.

Morgans said: 

RIO delivered a largely steady quarter, with slight beats from copper and alumina, iron ore inline, while lithium trailed estimates.

Oyu Tolgoi was the highlight in 3Q26, enough to offset lower output from Escondida and Kennecott.

RIO’s share price has traded sideways so far through 2026, in a ~20% range.

Our new forced ranking is now RIO then South32 Ltd (ASX: S32), BHP Group Ltd (ASX: BHP), and Fortescue Ltd (ASX: FMG).

Fortescue Ltd (ASX: FMG)

The Fortescue share price is $15.32, up 2% today and down 23% over 12 months. 

Morgans has a sell (trim) rating on this ASX 200 iron ore share.

In a new note, the broker slashed its 12-month target from $18.70 to $15.40.

Morgans said:

We have long argued that investing material capital in near-term loss-making projects (magnetite and new energy) has not diversified Fortescue, and has instead left group earnings more exposed to the iron ore price.

Magnetite adds more iron ore exposure but at a higher cost, while new energy investment, and US$0.9-1.3bn of FY27 decarbonisation spend, are funded from hematite cash flow. This dynamic is starting to show in the numbers.

Fortescue flagged that net debt rose US$1.9bn in 1Q27, equal to the final dividend (US$1.0bn) plus quarterly capex (US$0.9bn), implying negative FCF for the quarter.

We attribute this mainly to weaker hematite cash flow after the central buying group China Mineral Resources Group (CMRG) reportedly halted purchases of two of Fortescue’s products during the quarter, leaving shipments 6% and actual sales 14% below Visible Alpha (VA) consensus in 1Q27.

The post Buy, hold, sell: Paladin Energy, Fortescue, Rio Tinto shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.