Shimmick Corporation (NASDAQ:SHIM) Short Interest Up 58.3% in March

Key Points

• Short interest rose 58.3% in March to 11,113 shares as of March 13, but this still equals only 0.1% of the stock and a short-interest ratio of just 0.2 days given average volume.
• Director Mitchell B. Goldsteen sold 125,000 shares on March 17 at $2.86 (~$357,500), yet company insiders collectively retain a dominant 67.10% ownership stake.
• Shimmick missed quarterly expectations (EPS -$0.07 vs -$0.05; revenue $100.41M vs $110.90M), and analysts are mixed—two Buys and one Sell yield a consensus Hold with a $5.50 target.

Shimmick Corporation (NASDAQ:SHIM - Get Free Report) was the recipient of a large growth in short interest in March. As of March 13th, there was short interest totaling 11,113 shares, a growth of 58.3% from the February 26th total of 7,021 shares. Currently, 0.1% of the company's stock are sold short. Based on an average trading volume of 65,371 shares, the short-interest ratio is presently 0.2 days.

Insiders Place Their Bets

In other Shimmick news, Director Mitchell B. Goldsteen sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $2.86, for a total transaction of $357,500.00. Following the completion of the transaction, the director owned 20,974,873 shares of the company's stock, valued at $59,988,136.78. This represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 67.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Shimmick

Several hedge funds have recently bought and sold shares of the stock. Thompson Davis & CO. Inc. grew its position in shares of Shimmick by 100.0% in the third 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 during the last quarter. Avanza Fonder AB lifted its holdings in Shimmick by 19.4% during the 4th quarter. Avanza Fonder AB now owns 23,878 shares of the company's stock worth $70,000 after purchasing an additional 3,878 shares during the last quarter. Finally, Sanders Morris Harris LLC lifted its holdings in Shimmick by 8.1% during the 3rd 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 during the last quarter. 6.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Craig Hallum raised shares of Shimmick from a "hold" rating to a "buy" rating and set a $6.00 price objective on the stock in a research report on Monday, January 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Shimmick in a research report on Monday, December 29th. Finally, Roth Mkm upgraded shares of Shimmick from a "neutral" rating to a "buy" rating and set a $5.00 price target on the stock in a research note on Friday, March 13th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Shimmick currently has a consensus rating of "Hold" and a consensus target price of $5.50.

Shimmick Price Performance

SHIM stock opened at $3.33 on Friday. The company has a fifty day moving average price of $3.61 and a two-hundred day moving average price of $3.02. Shimmick has a one year low of $1.30 and a one year high of $4.47. The stock has a market cap of $120.19 million, a price-to-earnings ratio of -4.56 and a beta of 0.57.

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

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.

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