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

Shares of Shimmick Corporation (NASDAQ:SHIM) rose 4.7% on Friday . The company traded as high as $4.31 and last traded at $4.27. Approximately 756,331 shares changed hands 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 Upgrades and Downgrades

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

Shimmick Price Performance

The business has a 50-day moving average of $4.42 and a two-hundred day moving average of $3.80. The company has a market cap of $156.71 million, a P/E ratio of -7.36 and a beta of 0.92.

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. Equities analysts anticipate that Shimmick Corporation will post -0.08 EPS for the current fiscal year.

Institutional Trading of Shimmick

Several large investors have recently bought and sold shares of SHIM. Avanza Fonder AB lifted its position in Shimmick by 19.4% during the 4th quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock worth $70,000 after acquiring an additional 3,878 shares during the period. Renaissance Technologies LLC purchased a new stake in Shimmick in the first quarter valued at approximately $131,000. Thompson Davis & CO. Inc. increased its holdings in 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 buying an additional 14,722 shares during the period. 1492 Capital Management LLC increased its holdings in Shimmick by 46.0% in 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 period. Finally, Sei Investments Co. raised its position 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. 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.