Shimmick Corporation (NASDAQ:SHIM) Shares Shorted: Short Interest Up 94.2% in September

Shimmick Corporation (NASDAQ:SHIM) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 310,493 shares, an increase of 94.2% from the September 15th total of 159,885 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average trading volume of 193,116 shares, the short-interest ratio is presently 1.6 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Shimmick

A number of large investors have recently made changes to their positions in SHIM. Bank of New York Mellon Corp purchased a new stake in shares of Shimmick in the second quarter worth approximately $47,000. GSA Capital Partners LLP acquired a new stake in shares of Shimmick during the second quarter worth approximately $53,000. AXQ Capital LP acquired a new stake in shares of Shimmick during the second quarter worth approximately $69,000. Bank of America Corp DE purchased a new position in Shimmick during the second quarter valued at approximately $135,000. Finally, Renaissance Technologies LLC purchased a new position in Shimmick during the first quarter valued at approximately $131,000. Institutional investors and hedge funds own 6.94% of the company’s stock.

Shimmick Stock Performance

NASDAQ:SHIM traded down $0.12 during trading hours on Wednesday, hitting $2.47. 53,959 shares of the company’s stock traded hands, compared to its average volume of 137,488. The stock’s fifty day moving average price is $3.54 and its two-hundred day moving average price is $3.95. The firm has a market cap of $102.11 million, a P/E ratio of -5.49 and a beta of 0.85. Shimmick has a twelve month low of $1.95 and a twelve month high of $6.76.

Shimmick (NASDAQ:SHIM) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The business had revenue of $106.62 million for the quarter, compared to analyst estimates of $121.85 million. On average, equities research analysts predict that Shimmick will post -0.03 earnings per share for the current year.

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.