Shimmick (NASDAQ:SHIM) Trading 4.9% Higher – Time to Buy?

Shimmick Corporation (NASDAQ:SHIM) shares rose 4.9% on Tuesday . The stock traded as high as $3.88 and last traded at $3.84. Approximately 44,143 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 110,085 shares. The stock had previously closed at $3.66.

Analysts Set New Price Targets

SHIM has been the topic of several research reports. Wall Street Zen raised shares of Shimmick to a “hold” rating in a report on Saturday, April 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Shimmick in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.50.

Shimmick Stock Up 4.9%

The firm has a market capitalization of $140.93 million, a PE ratio of -6.62 and a beta of 0.70. The company’s 50-day simple moving average is $3.89 and its 200 day simple moving average is $3.94.

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

Hedge Funds Weigh In On Shimmick

Several institutional investors and hedge funds have recently bought and sold shares of the company. Avanza Fonder AB increased its position in shares of Shimmick by 19.4% during the fourth quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock worth $70,000 after purchasing an additional 3,878 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Shimmick in the 1st quarter worth $131,000. Thompson Davis & CO. Inc. boosted 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 worth $364,000 after purchasing an additional 14,722 shares in the last quarter. 1492 Capital Management LLC grew its stake in Shimmick by 46.0% during the 1st 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. Finally, Sei Investments Co. grew its stake in Shimmick by 896.8% during the 1st quarter. Sei Investments Co. now owns 246,816 shares of the company’s stock worth $906,000 after buying an additional 222,055 shares during the last quarter. 6.94% of the stock is owned by hedge funds and other institutional investors.

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.