Shimmick Corp director Mitchell Goldsteen sells $12,870 in stock

Published 21/03/2025, 22:38
Shimmick Corp director Mitchell Goldsteen sells $12,870 in stock

Mitchell B. Goldsteen, a director and significant shareholder of Shimmick Corp (NASDAQ:SHIM), recently executed a sale of company stock, according to a recent SEC filing. The company, currently valued at $57.2 million, has seen its stock decline by 76% over the past year, with shares trading near their 52-week low of $1.47. The transactions, conducted under a pre-established trading plan, involved the sale of 7,500 shares of common stock over two days, March 20 and March 21.

The sales were executed at prices ranging from $1.69 to $1.72 per share, totaling approximately $12,870. Following these transactions, Goldsteen, who holds the shares indirectly through GOHO, LLC, retains ownership of 21,558,650 shares. The sales were part of a Rule 10b5-1 plan, which allows insiders to set up a predetermined plan to sell stocks, helping to avoid potential accusations of insider trading.

In other recent news, Shimmick Corp reported a notable earnings miss for Q4 2024, with an earnings per share (EPS) of -0.91, significantly below the forecasted 0.11. The company’s revenue also fell short, reaching $104 million compared to the expected $173.7 million. Despite these setbacks, Shimmick maintains a strong backlog of $822 million, which could indicate potential future growth. The company is optimistic about a projected 10-15% revenue increase in 2025, aiming for a gross margin of 9-12%. Analysts have raised concerns about the company’s operational efficiency and financial stability following the earnings miss. However, Shimmick’s management has expressed confidence in their strategic initiatives, focusing on expanding electrical infrastructure and improving project margins. The firm Roth Capital Partners (WA:CPAP) has engaged with Shimmick, discussing the company’s guidance and strategic direction. Additionally, Shimmick is actively working on resolving issues related to legacy projects, which have negatively impacted their financial results.

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