Shimmick Corporation (NASDAQ:SHIM) Sees Significant Growth in Short Interest

Shimmick Corporation (NASDAQ:SHIM) was the target of a large increase in short interest in March. As of March 31st, there was short interest totaling 27,337 shares, an increase of 146.0% from the March 15th total of 11,113 shares. Based on an average daily trading volume, of 176,649 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Craig Hallum raised shares of Shimmick from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Monday, January 5th. Roth Mkm raised shares of Shimmick from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Friday, March 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Shimmick in a report on Friday, March 27th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.50.

Shimmick Stock Performance

SHIM stock opened at $3.94 on Friday. The firm has a fifty day moving average price of $3.63 and a 200 day moving average price of $3.07. Shimmick has a fifty-two week low of $1.30 and a fifty-two week high of $4.47. The firm has a market cap of $142.19 million, a PE ratio of -5.40 and a beta of 0.43.

Insider Transactions at Shimmick

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Avanza Fonder AB grew its holdings in shares of Shimmick by 19.4% in the fourth quarter. Avanza Fonder AB now owns 23,878 shares of the company’s stock valued at $70,000 after purchasing an additional 3,878 shares in the last quarter. Thompson Davis & CO. Inc. grew its holdings in shares of Shimmick by 13.4% in the fourth quarter. Thompson Davis & CO. Inc. now owns 124,722 shares of the company’s stock valued at $364,000 after purchasing an additional 14,722 shares in the last quarter. Finally, Sanders Morris Harris LLC grew its holdings in shares of Shimmick by 8.1% in the third quarter. Sanders Morris Harris LLC now owns 809,667 shares of the company’s stock valued at $2,113,000 after purchasing an additional 60,494 shares in the last quarter. 6.94% of the stock is owned by hedge funds and other institutional investors.

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.