Shimmick (NASDAQ:SHIM) Shares Up 4.9% – Here’s Why

Shares of Shimmick Corporation (NASDAQ:SHIM) rose 4.9% during trading on Tuesday . The company traded as high as $3.88 and last traded at $3.84. 44,143 shares changed 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.

Analyst Upgrades and Downgrades

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

Shimmick Stock Down 2.1%

The business’s 50 day moving average is $3.87 and its 200-day moving average is $3.95. The firm has a market cap of $134.69 million, a P/E ratio of -6.33 and a beta of 0.70.

Shimmick (NASDAQ:SHIM) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $88.03 million for the quarter, compared to the consensus estimate of $116.80 million. As a group, equities analysts predict that Shimmick Corporation will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Shimmick

Several large investors have recently modified their holdings of SHIM. Avanza Fonder AB grew its stake in Shimmick by 19.4% in 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 bought a new stake in Shimmick in the first quarter valued at about $131,000. Thompson Davis & CO. Inc. raised its stake in Shimmick by 13.4% during 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 in the last quarter. 1492 Capital Management LLC lifted 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 worth $550,000 after buying an additional 47,180 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings 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. Institutional investors own 6.94% of the company’s stock.

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.