Shimmick (NASDAQ:SHIM) Stock Falls 4.7% – What’s Next?

Shimmick Corporation (NASDAQ:SHIM) fell 4.7% on Wednesday. The company traded as low as $3.02 and last traded at $3.03. 34,291 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 139,839 shares. The stock had previously closed at $3.18.

Analysts Set New Price Targets

Several research firms recently issued reports on SHIM. Weiss Ratings reissued a “sell (d-)” rating on shares of Shimmick in a research report on Monday, September 21st. Wall Street Zen raised shares of Shimmick from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.50.

Shimmick Stock Up 1.6%

The firm’s 50 day moving average is $3.61 and its two-hundred day moving average is $3.96. The stock has a market cap of $129.38 million, a price-to-earnings ratio of -6.96 and a beta of 0.85.

Shimmick (NASDAQ:SHIM) last issued its earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $106.62 million during the quarter, compared to analyst estimates of $121.85 million. On average, analysts anticipate that Shimmick Corporation will post -0.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Cannell Capital LLC bought a new position in shares of Shimmick during the second quarter worth about $4,376,255. Gratia Capital LLC bought a new stake in Shimmick in the 2nd quarter valued at about $3,322,000. BlackRock Inc. bought a new stake in Shimmick in the 2nd quarter valued at about $1,048,000. Sei Investments Co. boosted its stake in Shimmick by 896.8% during the 1st quarter. Sei Investments Co. now owns 246,816 shares of the company’s stock valued at $906,000 after purchasing an additional 222,055 shares during the period. Finally, Walleye Capital LLC acquired a new position in Shimmick during the 2nd quarter valued at about $578,000. 6.94% of the stock is currently owned by institutional investors.

About Shimmick

Shimmick Corporation (NASDAQ: SHIM) is an infrastructure construction company that delivers heavy civil and specialized construction services in the United States. Its work supports essential public infrastructure, including water, transportation, environmental and energy-related projects.

Through its construction operations, Shimmick performs services such as the construction and rehabilitation of dams, reservoirs, water and wastewater treatment facilities, tunnels, bridges, highways, transit systems and marine infrastructure.