Microvast Holdings announces departure of chief financial officer
Mitchell B. Goldsteen, a director and significant shareholder of Shimmick Corp (NASDAQ:SHIM), has sold shares in the company, according to a recent SEC filing. The transactions, executed on May 29 and May 30, were part of a pre-established 10b5-1 sales plan. Goldsteen sold a total of 2,052 shares at prices ranging from $1.67 to $1.71 per share, amounting to a total value of $3,468. The sale comes as SHIM’s stock has declined over 27% in the past six months, with the company currently valued at $58.52 million. InvestingPro analysis indicates the stock is currently trading at a low revenue valuation multiple, with 12 additional key insights available to subscribers.
Following these transactions, Goldsteen holds 21,441,766 shares indirectly through GOHO, LLC. Goldsteen has disclaimed beneficial ownership of these securities, except for his pecuniary interest. For comprehensive insider trading analysis and detailed financial metrics, access the full SHIM research report on InvestingPro, part of our coverage of 1,400+ US stocks.
In other recent news, Shimmick Corp reported its Q1 2025 earnings, which significantly missed forecasts. The company posted an earnings per share (EPS) of -$0.22, falling short of the anticipated $0.11, and revenue of $122 million, below the expected $176.8 million. Despite these results, Shimmick reaffirmed its full-year guidance, anticipating a 10-15% revenue increase from Chimich projects and an overall gross margin of 9-12%. The company also reported improved gross margins and a reduced net loss compared to the previous year, indicating better financial health. Shimmick’s strategic shift towards expanding its presence in the electrical and technology infrastructure markets was highlighted during their earnings call. Analysts from Craig Hallum inquired about tariff exposures, to which Shimmick’s CEO confirmed that 96% of materials were bought out, minimizing risk. The company emphasized ongoing efforts to grow its backlog and restore profitability, while also managing legacy projects. Shimmick’s liquidity position was reported to be strong, with total liquidity at $71 million, providing the capital needed for its strategic plans.
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