Shimmick Corporation (NASDAQ:SHIM) Short Interest Up 58.3% in March

Shimmick Corporation (NASDAQ:SHIM) was the recipient of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 11,113 shares, a growth of 58.3% from the February 26th total of 7,021 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 65,371 shares, the short-interest ratio is presently 0.2 days.

Shimmick Stock Down 6.2%

Shares of Shimmick stock opened at $3.33 on Friday. Shimmick has a 12-month low of $1.30 and a 12-month high of $4.47. The company has a market capitalization of $120.19 million, a price-to-earnings ratio of -4.56 and a beta of 0.57. The firm’s 50-day moving average price is $3.61 and its two-hundred day moving average price is $3.02.

Shimmick (NASDAQ:SHIM) last issued its earnings results on Thursday, March 12th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $100.41 million for the quarter, compared to the consensus estimate of $110.90 million. On average, sell-side analysts expect that Shimmick will post -2.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHIM has been the topic of several research reports. Craig Hallum upgraded shares of Shimmick from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Shimmick in a research note on Monday, December 29th. Finally, Roth Mkm upgraded shares of Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Friday, March 13th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Insiders Place Their Bets

In other news, Director Mitchell B. Goldsteen sold 125,000 shares of Shimmick 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 completion of the sale, the director owned 20,974,873 shares of the company’s stock, valued at approximately $59,988,136.78. This trade represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 67.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SHIM. Avanza Fonder AB lifted its stake in 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 during the last quarter. Thompson Davis & CO. Inc. increased its stake in shares of Shimmick by 100.0% in the 3rd quarter. Thompson Davis & CO. Inc. now owns 110,000 shares of the company’s stock valued at $287,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Sanders Morris Harris LLC increased 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 valued at $2,113,000 after purchasing an additional 60,494 shares during the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.

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.