Shimmick (NASDAQ:SHIM) Stock Price Up 4.7% – Time to Buy?

Shimmick Corporation (NASDAQ:SHIM) traded up 4.7% on Friday . The stock traded as high as $4.31 and last traded at $4.27. 756,331 shares were traded during mid-day trading, an increase of 428% from the average session volume of 143,357 shares. The stock had previously closed at $4.08.

Analyst Ratings Changes

A number of research firms recently issued reports on SHIM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Shimmick in a research report on Wednesday. Wall Street Zen raised Shimmick to a “hold” rating in a research report on Saturday, April 25th. Finally, Roth Mkm upgraded Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Friday, March 13th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Shimmick Price Performance

The company’s 50-day simple moving average is $4.42 and its 200-day simple moving average is $3.80. The stock has a market capitalization of $156.71 million, a P/E ratio of -7.36 and a beta of 0.92.

Shimmick (NASDAQ:SHIM) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $88.03 million during the quarter, compared to analyst estimates of $116.80 million. On average, analysts forecast that Shimmick Corporation will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shimmick

Several hedge funds have recently bought and sold shares of SHIM. Sei Investments Co. grew its holdings in Shimmick by 896.8% during the first quarter. Sei Investments Co. now owns 246,816 shares of the company’s stock worth $906,000 after purchasing an additional 222,055 shares during the period. 1492 Capital Management LLC increased its position in Shimmick by 46.0% during the first quarter. 1492 Capital Management LLC now owns 149,812 shares of the company’s stock worth $550,000 after buying an additional 47,180 shares during the last quarter. Thompson Davis & CO. Inc. raised its stake in Shimmick by 13.4% in the fourth quarter. Thompson Davis & CO. Inc. now owns 124,722 shares of the company’s stock valued at $364,000 after buying an additional 14,722 shares during the period. Renaissance Technologies LLC bought a new stake in Shimmick in the first quarter valued at approximately $131,000. Finally, Avanza Fonder AB raised its stake in Shimmick by 19.4% in the fourth quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock valued at $70,000 after buying an additional 3,878 shares during the period. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Shimmick Company Profile

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.