Mitchell Goldsteen Sells 125,000 Shares of Shimmick (NASDAQ:SHIM) Stock

Shimmick Corporation (NASDAQ:SHIM) Director Mitchell Goldsteen sold 125,000 shares of Shimmick stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $2.86, for a total transaction of $357,500.00. Following the transaction, the director directly owned 20,974,873 shares of the company’s stock, valued at approximately $59,988,136.78. This represents a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Shimmick Price Performance

Shimmick stock opened at $3.05 on Friday. Shimmick Corporation has a 1-year low of $1.30 and a 1-year high of $4.47. The firm has a market capitalization of $110.07 million, a P/E ratio of -4.18 and a beta of 0.57. The company’s 50-day moving average is $3.64 and its 200 day moving average is $3.01.

Shimmick (NASDAQ:SHIM) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The business had revenue of $100.41 million for the quarter, compared to analyst estimates of $110.90 million. Research analysts anticipate that Shimmick Corporation will post -2.48 earnings per share for the current fiscal year.

Institutional Trading of Shimmick

A number of large investors have recently modified their holdings of the company. Sanders Morris Harris LLC grew its stake in Shimmick by 8.1% in the third quarter. Sanders Morris Harris LLC now owns 809,667 shares of the company’s stock worth $2,113,000 after purchasing an additional 60,494 shares in the last quarter. Thompson Davis & CO. Inc. raised its position in Shimmick by 100.0% during 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 in the last quarter. Finally, Avanza Fonder AB lifted its holdings in shares of Shimmick by 19.4% in the 4th 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. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.