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In recent transactions, Mitchell B. Goldsteen, a director and ten percent owner of Shimmick Corp (NASDAQ:SHIM), sold a total of 5,200 shares of the company’s common stock. The sale comes amid challenging market conditions for Shimmick, whose stock has declined over 60% in the past year and currently trades at $1.33, near its 52-week low of $1.47. The sales, executed on April 3 and April 4, 2025, were part of a pre-established Rule 10b5-1 sales plan adopted by Goldsteen in August 2024.
The shares were sold at a weighted average price ranging from $1.39 to $1.70 per share, totaling $7,910. Following these transactions, Goldsteen, through GOHO, LLC, retains indirect ownership of 21,541,750 shares of Shimmick Corp.
In other recent news, Shimmick Corporation reported a significant earnings miss for the fourth quarter of 2024, with an earnings per share (EPS) of -0.91, falling short of the forecasted 0.11. Revenue also underperformed, coming in at $104 million compared to the expected $173.7 million. Despite these setbacks, the company maintains a strong backlog of $822 million, indicating potential for future growth. Shimmick Corp has also secured a $15 million loan from an affiliate of Ansley Park Capital LLC to enhance its financial flexibility. This loan, structured as two promissory notes, will be used for project expenses and general corporate purposes. Additionally, the company forecasts a 10-15% revenue increase in 2025, with a target gross margin of 9-12%. Shimmick’s CEO, Yirael Yal, expressed confidence in the company’s strategic initiatives, focusing on expanding electrical infrastructure and improving project margins. The company is also working on diversifying its client portfolio and expanding its market presence.
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