Short Interest in Shimmick Co. (NASDAQ:SHIM) Drops By 30.4%

Shimmick Co. (NASDAQ:SHIM) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 82,700 shares, a decrease of 30.4% from the August 15th total of 118,800 shares. Based on an average daily trading volume, of 996,500 shares, the short-interest ratio is presently 0.1 days. Approximately 0.3% of the company’s shares are sold short.

Hedge Funds Weigh In On Shimmick

Institutional investors have recently bought and sold shares of the stock. Perritt Capital Management Inc lifted its holdings in shares of Shimmick by 140.7% during the second quarter. Perritt Capital Management Inc now owns 36,100 shares of the company’s stock valued at $56,000 after purchasing an additional 21,100 shares during the last quarter. Sanders Morris Harris LLC raised its holdings in Shimmick by 8.3% in the second quarter. Sanders Morris Harris LLC now owns 609,892 shares of the company’s stock worth $945,000 after buying an additional 46,788 shares during the last quarter. 1492 Capital Management LLC bought a new position in Shimmick in the 4th quarter valued at approximately $1,997,000. Pacific Ridge Capital Partners LLC bought a new position in Shimmick in the 4th quarter valued at approximately $2,580,000. Finally, BNP Paribas Asset Management Holding S.A. purchased a new stake in Shimmick during the 4th quarter valued at $2,885,000. 6.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on SHIM. Roth Mkm decreased their target price on Shimmick from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Monday, August 19th. Craig Hallum dropped their price objective on shares of Shimmick from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Monday, August 19th.

Shimmick Stock Performance

SHIM stock traded down $0.04 during midday trading on Monday, reaching $3.00. 4,416 shares of the company’s stock traded hands, compared to its average volume of 416,357. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 151.25. Shimmick has a 52 week low of $1.47 and a 52 week high of $7.99. The company has a 50-day moving average price of $3.05 and a two-hundred day moving average price of $3.35.

Shimmick (NASDAQ:SHIM) last issued its quarterly earnings results on Thursday, August 15th. The company reported ($1.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($1.47). The business had revenue of $90.61 million for the quarter, compared to the consensus estimate of $120.00 million. Shimmick had a negative net margin of 12.90% and a negative return on equity of 134.28%. Sell-side analysts forecast that Shimmick will post -4.06 earnings per share for the current 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.