Shimmick (NASDAQ:SHIM) Stock Price Down 4.7% - Here's Why

Key Points

• Shimmick shares fell 4.7% to $3.03, with trading volume down 75% from its average; the stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed, with two Buy ratings and one Sell rating, resulting in a consensus Hold rating and a $5.50 price target.
• Shimmick beat quarterly EPS expectations with a $0.01 loss per share, but revenue of $106.62 million fell short of the $121.85 million estimate; analysts expect a full-year loss of $0.03 per share.

Shimmick Corporation (NASDAQ:SHIM - Get Free Report)'s share price traded down 4.7% during trading on Wednesday. The company traded as low as $3.02 and last traded at $3.03. Approximately 34,291 shares traded hands during trading, a decline of 75% from the average daily volume of 139,839 shares. The stock had previously closed at $3.18.

Wall Street Analyst Weigh In

SHIM has been the topic of a number of recent research reports. Wall Street Zen upgraded Shimmick from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of Shimmick in a research report on Monday, September 21st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Shimmick has a consensus rating of "Hold" and a consensus price target of $5.50.

Shimmick Trading Down 4.7%

The firm has a 50-day simple moving average of $3.62 and a two-hundred day simple moving average of $3.96. The company has a market capitalization of $125.26 million, a price-to-earnings ratio of -6.73 and a beta of 0.85.

Shimmick (NASDAQ:SHIM - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, beating 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. Equities research analysts anticipate that Shimmick Corporation will post -0.03 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SHIM. Bank of New York Mellon Corp purchased a new stake in Shimmick in the 2nd quarter worth approximately $47,000. GSA Capital Partners LLP purchased a new position in shares of Shimmick during the 2nd quarter valued at approximately $53,000. AXQ Capital LP acquired a new position in shares of Shimmick in the 2nd quarter valued at $69,000. Renaissance Technologies LLC acquired a new position in shares of Shimmick in the 1st quarter valued at $131,000. Finally, Bank of America Corp DE purchased a new stake in Shimmick during the second quarter worth $135,000. 6.94% of the stock is owned by institutional investors and hedge funds.

About Shimmick

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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