Shimmick (NASDAQ:SHIM) Raised to Hold at Wall Street Zen

Shimmick (NASDAQ:SHIM) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Shimmick in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Shimmick Price Performance

Shimmick stock opened at $3.69 on Friday. The stock’s 50-day moving average is $3.87 and its 200-day moving average is $4.00. The company has a market cap of $152.54 million, a price-to-earnings ratio of -8.20 and a beta of 0.79. Shimmick has a 12 month low of $1.95 and a 12 month high of $6.76.

Shimmick (NASDAQ:SHIM) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The firm had revenue of $106.62 million during the quarter, compared to analyst estimates of $121.85 million. Research analysts anticipate that Shimmick will post -0.08 EPS for the current year.

Institutional Investors Weigh In On Shimmick

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHIM. Bank of America Corp DE acquired a new position in Shimmick in the 2nd quarter worth $135,000. BlackRock Inc. acquired a new stake in shares of Shimmick during the second quarter valued at about $1,048,000. Bank of New York Mellon Corp acquired a new stake in shares of Shimmick during the second quarter valued at about $47,000. GSA Capital Partners LLP purchased a new stake in shares of Shimmick during the second quarter worth about $53,000. Finally, Walleye Capital LLC purchased a new stake in shares of Shimmick during the second quarter worth about $578,000. Hedge funds and other institutional investors own 6.94% of the company’s stock.

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.