Shimmick Co. (NASDAQ:SHIM) Sees Significant Decline in Short Interest

Shimmick Co. (NASDAQ:SHIM) saw a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 60,500 shares, a decline of 30.5% from the May 31st total of 87,000 shares. Approximately 3.5% of the company’s shares are sold short. Based on an average trading volume of 127,800 shares, the short-interest ratio is currently 0.5 days.

Shimmick Price Performance

NASDAQ SHIM opened at $1.55 on Monday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.22. Shimmick has a 1-year low of $1.47 and a 1-year high of $7.99. The business’s 50-day simple moving average is $2.31 and its 200-day simple moving average is $4.65.

Shimmick (NASDAQ:SHIM) last announced its quarterly earnings results on Monday, May 13th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.81). The business had revenue of $120.04 million for the quarter, compared to analysts’ expectations of $127.20 million. On average, research analysts anticipate that Shimmick will post -1.74 earnings per share for the current year.

Analyst Ratings Changes

SHIM has been the subject of several analyst reports. Roth Mkm downgraded Shimmick from a “buy” rating to a “neutral” rating and cut their price target for the company from $9.00 to $3.50 in a report on Tuesday, May 14th. Craig Hallum downgraded Shimmick from a “buy” rating to a “hold” rating and cut their price target for the company from $10.00 to $4.00 in a report on Tuesday, May 14th. Finally, Roth Capital downgraded Shimmick from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 14th.

Institutional Trading of Shimmick

Institutional investors have recently added to or reduced their stakes in the business. Skylands Capital LLC purchased a new stake in Shimmick during the 4th quarter worth $300,000. 1492 Capital Management LLC purchased a new stake in Shimmick during the 4th quarter worth $1,997,000. Pacific Ridge Capital Partners LLC purchased a new stake in Shimmick during the 4th quarter worth $2,580,000. BNP Paribas Asset Management Holding S.A. purchased a new stake in Shimmick during the 4th quarter worth $2,885,000. Finally, Sanders Morris Harris LLC purchased a new stake in Shimmick during the 1st quarter worth $3,243,000. 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.