Shimmick (NASDAQ:SHIM) Trading Up 0.3% – What’s Next?

Shares of Shimmick Corporation (NASDAQ:SHIM) traded up 0.3% on Thursday . The stock traded as high as $4.20 and last traded at $3.87. 325,990 shares changed hands during mid-day trading, an increase of 54% from the average session volume of 211,110 shares. The stock had previously closed at $3.86.

Analyst Ratings Changes

Several research analysts have weighed in on the company. 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. Weiss Ratings restated a “sell (d-)” rating on shares of Shimmick in a research note on Friday, March 27th. Finally, Wall Street Zen upgraded 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 company. Based on data from MarketBeat, Shimmick has an average rating of “Hold” and a consensus target price of $5.50.

Shimmick Trading Up 0.3%

The stock has a market capitalization of $142.03 million, a P/E ratio of -6.67 and a beta of 0.92. The business has a 50-day moving average price of $4.46 and a 200 day moving average price of $3.67.

Shimmick (NASDAQ:SHIM) last posted its 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 for the quarter, compared to the consensus estimate of $116.80 million. On average, sell-side analysts predict that Shimmick Corporation will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mitchell B. Goldsteen sold 125,000 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $2.86, for a total transaction of $357,500.00. Following the sale, the director owned 20,974,873 shares in the company, valued at approximately $59,988,136.78. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 67.10% of the company’s stock.

Institutional Trading of Shimmick

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Avanza Fonder AB raised its holdings in Shimmick by 19.4% during the 4th 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. Renaissance Technologies LLC purchased a new stake in Shimmick during the 1st quarter valued at $131,000. Thompson Davis & CO. Inc. raised its holdings in Shimmick by 100.0% during the 3rd quarter. Thompson Davis & CO. Inc. now owns 110,000 shares of the company’s stock valued at $287,000 after buying an additional 55,000 shares during the period. 1492 Capital Management LLC raised its holdings in Shimmick by 46.0% during the 1st quarter. 1492 Capital Management LLC now owns 149,812 shares of the company’s stock valued at $550,000 after buying an additional 47,180 shares during the period. Finally, Sei Investments Co. raised its holdings in Shimmick by 896.8% during the 1st quarter. Sei Investments Co. now owns 246,816 shares of the company’s stock valued at $906,000 after buying an additional 222,055 shares during the period. Hedge funds and other institutional investors own 6.94% of the company’s stock.

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. 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.