Shimmick (NASDAQ:SHIM) Trading Up 12.2% – Here’s Why

Shimmick Corporation (NASDAQ:SHIM)’s share price rose 12.2% during mid-day trading on Tuesday . The stock traded as high as $1.80 and last traded at $1.75. Approximately 31,331 shares were traded during trading, a decline of 92% from the average daily volume of 383,610 shares. The stock had previously closed at $1.56.

Shimmick Trading Up 12.2%

The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 58.60. The firm has a market capitalization of $60.23 million, a PE ratio of -0.53 and a beta of 0.75. The company’s 50-day simple moving average is $1.61 and its 200 day simple moving average is $2.00.

Shimmick (NASDAQ:SHIM) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.09. Shimmick had a negative return on equity of 9,647.06% and a negative net margin of 20.98%. The company had revenue of $122.00 million for the quarter, compared to analyst estimates of $94.35 million. During the same quarter last year, the firm posted ($1.15) EPS. As a group, sell-side analysts expect that Shimmick Corporation will post -2.48 EPS for the current year.

Hedge Funds Weigh In On Shimmick

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thompson Davis & CO. Inc. raised its position in Shimmick by 21.6% in the first quarter. Thompson Davis & CO. Inc. now owns 45,000 shares of the company’s stock worth $81,000 after acquiring an additional 8,000 shares in the last quarter. LPL Financial LLC purchased a new position in shares of Shimmick in the 4th quarter worth about $284,000. Pacific Ridge Capital Partners LLC raised its holdings in shares of Shimmick by 41.2% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 486,160 shares of the company’s stock worth $1,259,000 after purchasing an additional 141,861 shares during the period. Finally, Sanders Morris Harris LLC raised its holdings in shares of Shimmick by 4.2% during the 1st quarter. Sanders Morris Harris LLC now owns 742,941 shares of the company’s stock valued at $1,337,000 after buying an additional 30,276 shares during the period. 6.94% of the stock is owned by institutional investors and hedge funds.

About Shimmick

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.