Cannell Capital LLC Buys Shares of 957,605 Shimmick Corporation $SHIM

Key Points

• Cannell Capital purchased 957,605 Shimmick shares worth approximately $4.38 million, representing about 2.32% of the company. Institutional investors collectively own 6.94% of Shimmick.
• Shimmick reported a quarterly loss of $0.01 per share, beating estimates for a $0.02 loss, while revenue of $106.62 million fell short of the $121.85 million consensus forecast.
• The stock opened at $3.99, within a 52-week range of $1.95 to $6.76. Analysts have a consensus “Hold” rating and an average price target of $5.50.

Cannell Capital LLC purchased a new position in shares of Shimmick Corporation (NASDAQ:SHIM - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 957,605 shares of the company's stock, valued at approximately $4,376,255. Shimmick makes up about 0.0% of Cannell Capital LLC's holdings, making the stock its 16th biggest holding. Cannell Capital LLC owned approximately 2.32% of Shimmick at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Shimmick during the second quarter valued at approximately $47,000. GSA Capital Partners LLP purchased a new stake in Shimmick in the 2nd quarter worth approximately $53,000. Renaissance Technologies LLC purchased a new stake in Shimmick in the 1st quarter worth approximately $131,000. Bank of America Corp DE acquired a new position in Shimmick in the 2nd quarter valued at $135,000. Finally, 1492 Capital Management LLC lifted its stake in shares of 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 purchasing an additional 47,180 shares during the period. Institutional investors and hedge funds own 6.94% of the company's stock.

Shimmick Stock Performance

Shimmick stock opened at $3.99 on Friday. Shimmick Corporation has a 1 year low of $1.95 and a 1 year high of $6.76. The firm has a 50 day moving average price of $3.91 and a 200 day moving average price of $3.99. The company has a market cap of $164.95 million, a price-to-earnings ratio of -8.87 and a beta of 0.78.

Shimmick (NASDAQ:SHIM - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. The company had revenue of $106.62 million for the quarter, compared to analysts' expectations of $121.85 million. Sell-side analysts predict that Shimmick Corporation will post -0.03 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Shimmick in a report on Wednesday, June 24th. Wall Street Zen upgraded Shimmick from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Shimmick presently has a consensus rating of "Hold" and an average target price of $5.50.

Shimmick 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.

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