Shimmick Corporation (NASDAQ:SHIM) Shares Shorted: Short Interest Up 94.2% in September

Key Points

• Shimmick’s short interest surged 94.2% in September to 310,493 shares, representing about 2.0% of shares outstanding and 1.6 days to cover.
• SHIM shares fell 4.6% to $2.47, well below the 50-day and 200-day moving averages. The company reported a quarterly loss of $0.01 per share, beating estimates, but revenue of $106.62 million missed expectations.
• Analyst sentiment remains mixed, with a consensus rating of Hold and a $5.50 target price; institutional investors own 6.94% of the stock after several firms initiated positions.

Shimmick Corporation (NASDAQ:SHIM - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 310,493 shares, an increase of 94.2% from the September 15th total of 159,885 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 193,116 shares, the days-to-cover ratio is currently 1.6 days.

Shimmick Trading Down 4.6%

Shares of NASDAQ SHIM traded down $0.12 during midday trading on Wednesday, reaching $2.47. The company's stock had a trading volume of 53,959 shares, compared to its average volume of 137,488. Shimmick has a one year low of $1.95 and a one year high of $6.76. The company has a market cap of $102.11 million, a price-to-earnings ratio of -5.49 and a beta of 0.85. The company has a 50 day moving average price of $3.54 and a 200 day moving average price of $3.95.

Shimmick (NASDAQ:SHIM - Get Free Report) last issued its 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 business had revenue of $106.62 million for the quarter, compared to the consensus estimate of $121.85 million. Research analysts anticipate that Shimmick will post -0.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Gratia Capital LLC acquired a new position in shares of Shimmick in the 2nd quarter valued at $3,322,000. AXQ Capital LP purchased a new position in Shimmick in the 2nd quarter worth about $69,000. Cannell Capital LLC purchased a new position in Shimmick in the 2nd quarter worth about $4,376,255. Bank of America Corp DE acquired a new stake in Shimmick during the 2nd quarter worth about $135,000. Finally, BlackRock Inc. acquired a new stake in Shimmick during the 2nd quarter worth about $1,048,000. Institutional investors own 6.94% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SHIM shares. Wall Street Zen raised Shimmick from a "sell" rating to a "hold" rating in a research note on Sunday, August 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Shimmick in a research report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Shimmick currently has a consensus rating of "Hold" and a consensus target price of $5.50.

Shimmick Company Profile

Shimmick Corporation NASDAQ: SHIM is an infrastructure construction company that delivers heavy civil and specialized construction services in the United States. Its work supports essential public infrastructure, including water, transportation, environmental and energy-related projects.

Through its construction operations, Shimmick performs services such as the construction and rehabilitation of dams, reservoirs, water and wastewater treatment facilities, tunnels, bridges, highways, transit systems and marine infrastructure.

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