Shimmick Corporation (NASDAQ:SHIM) Sees Large Increase in Short Interest

Shimmick Corporation (NASDAQ:SHIM – Get Free Report) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totaling 27,277 shares, a growth of 114.7% from the May 31st total of 12,704 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily volume of 146,810 shares, the days-to-cover ratio is currently 0.2 days.

Analyst Ratings Changes

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

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Institutional Trading of Shimmick

Several hedge funds have recently added to or reduced their stakes in SHIM. Renaissance Technologies LLC purchased a new position in Shimmick in the first quarter worth approximately $131,000. Sei Investments Co. grew 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 acquiring an additional 222,055 shares in the last quarter. 1492 Capital Management LLC grew 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 acquiring an additional 47,180 shares in the last quarter. Avanza Fonder AB increased its position in shares of Shimmick by 19.4% in the 4th quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock valued at $70,000 after purchasing an additional 3,878 shares during the last quarter. Finally, Thompson Davis & CO. Inc. increased 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 valued at $364,000 after purchasing an additional 14,722 shares during the last quarter. Institutional investors and hedge funds own 6.94% of the company’s stock.

Shimmick Price Performance

SHIM opened at $4.28 on Tuesday. The business has a fifty day moving average price of $4.40 and a 200 day moving average price of $3.82. Shimmick has a 12 month low of $1.58 and a 12 month high of $6.76. The stock has a market capitalization of $157.08 million, a price-to-earnings ratio of -7.38 and a beta of 0.93.

Shimmick (NASDAQ:SHIM – Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $88.03 million during the quarter, compared to analyst estimates of $116.80 million. On average, research analysts anticipate that Shimmick will post -0.08 earnings per share for the current year.

Shimmick Company Profile

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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.

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