Short Interest in Shimmick Co. (NASDAQ:SHIM) Drops By 30.5%

Shimmick Co. (NASDAQ:SHIM) was the target of a large decline in short interest in 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 stock are sold short. Based on an average daily volume of 127,800 shares, the days-to-cover ratio is presently 0.5 days.

Shimmick Stock Performance

Shares of NASDAQ:SHIM traded up $0.02 during midday trading on Friday, reaching $1.55. The company’s stock had a trading volume of 17,592 shares, compared to its average volume of 21,854. Shimmick has a twelve month low of $1.47 and a twelve month high of $7.99. The stock has a fifty day moving average of $2.31 and a 200 day moving average of $4.67. 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 (NASDAQ:SHIM) last announced its quarterly earnings results on Monday, May 13th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.81). The company had revenue of $120.04 million for the quarter, compared to analysts’ expectations of $127.20 million. On average, analysts predict that Shimmick will post -1.74 earnings per share for the current fiscal year.

Institutional Trading of Shimmick

Hedge funds have recently added to or reduced their stakes in the company. Skylands Capital LLC purchased a new position in Shimmick during the fourth quarter valued at $300,000. 1492 Capital Management LLC purchased a new position in Shimmick during the fourth quarter valued at $1,997,000. Pacific Ridge Capital Partners LLC purchased a new position in Shimmick during the fourth quarter valued at $2,580,000. BNP Paribas Asset Management Holding S.A. purchased a new position in Shimmick during the fourth quarter valued at $2,885,000. Finally, Sanders Morris Harris LLC purchased a new position in Shimmick during the first quarter valued at $3,243,000. 6.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.