Shimmick (NASDAQ:SHIM) Trading Up 0.3% – Here’s Why

by · The Markets Daily

Shares of Shimmick Corporation (NASDAQ:SHIM – Get Free Report) were up 0.3% on Thursday . The company traded as high as $4.20 and last traded at $3.87. Approximately 325,990 shares were traded during trading, an increase of 54% from the average daily volume of 211,110 shares. The stock had previously closed at $3.86.

Wall Street Analysts Forecast Growth

SHIM has been the topic of several research reports. Roth Mkm upgraded shares of Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Shimmick in a research note on Friday, March 27th. Finally, Wall Street Zen raised shares of Shimmick to a “hold” rating in a research note on Saturday, April 25th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $5.50.

Check Out Our Latest Research Report on SHIM

Shimmick Stock Performance

The firm has a market cap of $141.30 million, a price-to-earnings ratio of -6.64 and a beta of 0.92. The company’s fifty day moving average is $4.46 and its two-hundred day moving average is $3.67.

Shimmick (NASDAQ:SHIM – Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $88.03 million for the quarter, compared to analyst estimates of $116.80 million. As a group, analysts forecast that Shimmick Corporation will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Shimmick

In other news, Director Mitchell B. Goldsteen sold 125,000 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $2.86, for a total transaction of $357,500.00. Following the transaction, the director directly owned 20,974,873 shares of the company’s stock, valued at approximately $59,988,136.78. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 67.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in shares of Shimmick during the first quarter worth $131,000. Sei Investments Co. raised its position in shares of Shimmick by 896.8% in the 1st quarter. Sei Investments Co. now owns 246,816 shares of the company’s stock valued at $906,000 after purchasing an additional 222,055 shares in the last quarter. 1492 Capital Management LLC raised its position in shares of Shimmick by 46.0% in the 1st quarter. 1492 Capital Management LLC now owns 149,812 shares of the company’s stock valued at $550,000 after purchasing an additional 47,180 shares in the last quarter. Thompson Davis & CO. Inc. raised its position in shares of Shimmick by 13.4% in the 4th quarter. Thompson Davis & CO. Inc. now owns 124,722 shares of the company’s stock valued at $364,000 after purchasing an additional 14,722 shares in the last quarter. Finally, Avanza Fonder AB raised its position in shares of Shimmick by 19.4% in the 4th quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock valued at $70,000 after purchasing an additional 3,878 shares in the last quarter. 6.94% of the stock is owned by institutional investors and hedge funds.

Shimmick Company Profile

(Get Free Report)

Shimmick Corporation provides water and other critical infrastructure solutions in the United States. The company undertakes water and wastewater treatment infrastructure; water storage and conveyance, including dams, levees, flood control systems, pump stations, and coastal protection infrastructure; and mass transit, bridges, and military infrastructure projects. It serves federal, state, and local governments. The company was formerly known as SCCI National Holdings, Inc and changed its name to Shimmick Corporation in September 2023.

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