Microvast Holdings announces departure of chief financial officer
Mitchell B. Goldsteen, a director and significant shareholder of Shimmick Corp (NASDAQ:SHIM), has recently sold shares of the company’s stock. According to a filing with the Securities and Exchange Commission, Goldsteen sold a total of 4,400 shares over three days, from March 24 to March 26, 2025. The sales were executed at prices ranging from $1.75 to $1.86 per share, amounting to a total transaction value of $8,035. The transactions occurred amid a significant decline in SHIM’s stock price, which has fallen 74% over the past year and currently trades at $1.79, near its 52-week low of $1.47.
Following these transactions, Goldsteen holds 21,554,250 shares indirectly through GOHO, LLC. The sales were carried out under a pre-arranged trading plan adopted on August 20, 2024, in accordance with Rule 10b5-1. According to InvestingPro analysis, SHIM appears undervalued at its current market capitalization of $61.85 million, though investors should note the company’s weak financial health score and negative EBITDA of -$104.48 million in the last twelve months.
In other recent news, Shimmick Corp reported a significant earnings miss for Q4 2024, with an earnings per share (EPS) of -0.91, falling short of the forecasted 0.11. Revenue also lagged behind expectations, coming in at $104 million compared to the anticipated $173.7 million. This marks a decline from $138 million in Q4 2023, highlighting potential operational challenges. Despite these setbacks, Shimmick maintains a backlog of $822 million, suggesting potential for future growth. The company forecasts a 10-15% revenue increase in 2025, aiming for a gross margin of 9-12%. Analysts from Roth Capital Partners (WA:CPAP) and Craig Hallum Capital have shown interest in Shimmick’s strategic direction and financial guidance. The company is focusing on expanding its presence in key markets, including water resources and sustainable transportation, and improving project margins through strategic initiatives. Shimmick’s management remains optimistic about the future, emphasizing strong client relationships and a strategic focus on sustainable infrastructure solutions.
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