Short Interest in Shimmick Corporation (NASDAQ:SHIM) Expands By 58.3%

Shimmick Corporation (NASDAQ:SHIM) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 11,113 shares, an increase of 58.3% from the February 26th total of 7,021 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average trading volume of 65,371 shares, the days-to-cover ratio is currently 0.2 days.

Shimmick Price Performance

Shares of NASDAQ:SHIM traded down $0.11 during midday trading on Friday, hitting $3.22. 14,246 shares of the company’s stock were exchanged, compared to its average volume of 139,986. Shimmick has a 12 month low of $1.30 and a 12 month high of $4.47. The company has a market cap of $116.21 million, a PE ratio of -4.41 and a beta of 0.57. The stock has a 50 day moving average price of $3.60 and a 200-day moving average price of $3.02.

Shimmick (NASDAQ:SHIM) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $100.41 million during the quarter, compared to analyst estimates of $110.90 million. On average, analysts anticipate that Shimmick will post -2.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Shimmick news, Director Mitchell B. Goldsteen sold 125,000 shares of Shimmick stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $2.86, for a total value of $357,500.00. Following the completion of the sale, 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 accessible through this hyperlink. Insiders own 67.10% of the company’s stock.

Hedge Funds Weigh In On Shimmick

Large investors have recently bought and sold shares of the stock. Sanders Morris Harris LLC grew its stake in shares of Shimmick by 8.1% in the 3rd quarter. Sanders Morris Harris LLC now owns 809,667 shares of the company’s stock worth $2,113,000 after acquiring an additional 60,494 shares in the last quarter. Thompson Davis & CO. Inc. boosted its holdings in Shimmick by 100.0% during the third quarter. Thompson Davis & CO. Inc. now owns 110,000 shares of the company’s stock worth $287,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Avanza Fonder AB grew its position in Shimmick by 19.4% in the 4th 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. 6.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Roth Mkm raised Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Friday, March 13th. Craig Hallum raised Shimmick from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Monday, January 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Shimmick in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Shimmick presently has an average rating of “Hold” and a consensus target price of $5.50.

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.