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

Shimmick Corporation (NASDAQ:SHIM) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totaling 27,337 shares, a growth of 146.0% from the March 15th total of 11,113 shares. Based on an average trading volume of 176,649 shares, the short-interest ratio is currently 0.2 days. Currently, 0.2% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SHIM. Craig Hallum raised shares of Shimmick from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research note on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Shimmick in a report on Friday, March 27th. Finally, Roth Mkm raised shares of Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Friday, March 13th. Two equities 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.com, the company has a consensus rating of “Hold” and an average price target of $5.50.

Shimmick Stock Down 0.8%

Shares of SHIM stock opened at $3.91 on Tuesday. The company’s 50 day moving average is $3.62 and its 200 day moving average is $3.08. Shimmick has a 52-week low of $1.30 and a 52-week high of $4.47. The firm has a market cap of $141.11 million, a price-to-earnings ratio of -5.36 and a beta of 0.43.

Insider Buying and Selling at Shimmick

In other news, Director Mitchell B. Goldsteen sold 125,000 shares of Shimmick stock in a transaction that occurred on Tuesday, March 17th. The shares were 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. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 77.00% of the company’s stock.

Hedge Funds Weigh In On Shimmick

Several institutional investors and hedge funds have recently bought and sold shares of the company. Thompson Davis & CO. Inc. grew its holdings in Shimmick by 13.4% in the fourth quarter. Thompson Davis & CO. Inc. now owns 124,722 shares of the company’s stock worth $364,000 after purchasing an additional 14,722 shares during the last quarter. Avanza Fonder AB lifted its stake in shares of 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 buying an additional 3,878 shares during the period. Finally, Sanders Morris Harris LLC lifted its stake in shares of Shimmick by 8.1% during the third quarter. Sanders Morris Harris LLC now owns 809,667 shares of the company’s stock worth $2,113,000 after buying an additional 60,494 shares during the period. 6.94% of the stock is owned by hedge funds and other institutional investors.

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.