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

Shimmick Co. (NASDAQ:SHIM) saw a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 42,900 shares, a decrease of 34.2% from the November 15th total of 65,200 shares. Based on an average daily trading volume, of 420,500 shares, the days-to-cover ratio is currently 0.1 days. Currently, 1.4% of the shares of the company are short sold.

Shimmick Price Performance

NASDAQ SHIM traded down $0.13 during mid-day trading on Friday, hitting $2.72. The stock had a trading volume of 70,548 shares, compared to its average volume of 1,296,321. The company has a 50 day simple moving average of $2.31 and a 200 day simple moving average of $2.48. The company has a market cap of $91.94 million and a price-to-earnings ratio of -0.69. Shimmick has a 52-week low of $1.47 and a 52-week high of $7.99. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 58.60.

Insiders Place Their Bets

In other news, Director Mitchell B. Goldsteen sold 325,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $3.26, for a total transaction of $1,059,500.00. Following the completion of the transaction, the director now directly owns 21,583,800 shares of the company’s stock, valued at approximately $70,363,188. This represents a 1.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 77.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. E&G Advisors LP purchased a new stake in shares of Shimmick in the 3rd quarter worth about $31,000. State Street Corp purchased a new stake in shares of Shimmick in the third quarter valued at about $36,000. Finally, Perritt Capital Management Inc increased its position in Shimmick by 140.7% during the second quarter. Perritt Capital Management Inc now owns 36,100 shares of the company’s stock worth $56,000 after buying an additional 21,100 shares in the last quarter. Hedge funds and other institutional investors own 6.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Roth Mkm reduced their target price on Shimmick from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Monday, August 19th. Craig Hallum reduced their price objective on shares of Shimmick from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Monday, August 19th.

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.