Shimmick (NASDAQ:SHIM) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Shimmick to “sell” from “hold,” while Weiss Ratings maintained its “sell (D-)” rating. Despite this, MarketBeat’s consensus remains “Hold,” with an average price target of $5.50.
• Shimmick shares opened at $4.42, up 5.7%, with a market capitalization of approximately $162.2 million. The stock has traded between $1.77 and $6.76 over the past year.
• The company reported a quarterly loss of $0.07 per share, slightly better than estimates, but revenue of $88.03 million fell well short of the $116.80 million analyst consensus.

Shimmick (NASDAQ:SHIM - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Shimmick in a report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $5.50.

Shimmick Stock Up 5.7%

Shares of Shimmick stock opened at $4.42 on Friday. The firm has a market cap of $162.21 million, a price-to-earnings ratio of -7.62 and a beta of 0.78. The business has a 50-day moving average price of $3.85 and a 200-day moving average price of $3.99. Shimmick has a twelve month low of $1.77 and a twelve month high of $6.76.

Shimmick (NASDAQ:SHIM - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.01. The firm had revenue of $88.03 million during the quarter, compared to analysts' expectations of $116.80 million. On average, equities analysts expect that Shimmick will post -0.08 EPS for the current fiscal year.

Institutional Trading of Shimmick

Several hedge funds have recently made changes to their positions in SHIM. Bank of New York Mellon Corp bought a new position in shares of Shimmick in the 2nd quarter valued at about $47,000. GSA Capital Partners LLP bought a new stake in Shimmick during the second quarter worth approximately $53,000. Renaissance Technologies LLC purchased a new stake in Shimmick during the first quarter valued at approximately $131,000. 1492 Capital Management LLC raised its position in Shimmick by 46.0% during the first quarter. 1492 Capital Management LLC now owns 149,812 shares of the company's stock valued at $550,000 after purchasing an additional 47,180 shares during the period. Finally, Walleye Capital LLC bought a new stake in shares of Shimmick in the 2nd quarter valued at approximately $578,000. 6.94% of the stock is currently owned by hedge funds and other institutional investors.

Shimmick Company 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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