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IRVINE, CA—Mitchell B. Goldsteen, a director and significant shareholder of Shimmick Corp (NASDAQ:SHIM), recently sold shares of the company, according to a regulatory filing. The transactions, executed under a prearranged trading plan, involved the sale of 7,300 shares over two days, amounting to approximately $13,007. The sales come as SHIM shares have declined over 62% in the past year, with the stock currently trading near $1.76, significantly below its 52-week high of $4.94.
On April 1, Goldsteen sold 5,300 shares at a weighted average price of $1.79 per share. The following day, April 2, he sold an additional 2,000 shares at a weighted average price of $1.76 per share. The sales were conducted under a Rule 10b5-1 sales plan, which allows insiders to set up a predetermined schedule for selling shares, thus helping to avoid concerns about insider trading. InvestingPro analysis shows the company currently has a market capitalization of approximately $60.5 million, with several challenges including weak gross profit margins and rapid cash burn.
Following these transactions, Goldsteen holds 21,546,950 shares indirectly through GOHO, LLC, a company where he serves as the sole managing member. Goldsteen has disclaimed beneficial ownership of these securities except to the extent of his pecuniary interest. For deeper insights into insider trading patterns and comprehensive analysis of SHIM’s financial health, investors can access detailed reports and 13 additional ProTips through InvestingPro.
In other recent news, Shimmick Corp reported a significant earnings miss for Q4 2024, with an EPS of -0.91, far below the forecasted 0.11. The company’s revenue also fell short, reaching $104 million against expectations of $173.7 million. Despite these challenges, Shimmick Corp maintains a strong backlog of $822 million, which may indicate potential for future growth. The company is focusing on expanding its presence in key markets such as water resources and sustainable transportation. Looking ahead, Shimmick projects a 10-15% increase in revenue for 2025, with a target gross margin of 9-12%. The firm’s strategic initiatives include expanding electrical infrastructure capabilities and improving project margins. CEO Yirael Yal expressed confidence in the company’s future, emphasizing strong client relationships and a robust foundation as growth drivers. Analysts from Roth Capital Partners (WA:CPAP) and Craig Hallum Capital have shown interest in Shimmick’s strategic direction and its ability to manage risks and improve project margins.
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