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Mitchell B. Goldsteen, a director and ten percent owner of Shimmick Corp (NASDAQ:SHIM), recently executed sales of company stock totaling $18,677, according to a filing with the Securities and Exchange Commission. The sales come as the company’s stock has declined 77.6% over the past year, with InvestingPro analysis indicating the company faces significant financial challenges. The transactions, which occurred on March 13 and 14, consisted of selling 3,350 shares at a weighted average price of $1.755 and 7,900 shares at a weighted average price of $1.62.
These sales were conducted under a pre-established Rule 10b5-1 trading plan, which Goldsteen adopted in August 2024. Following these transactions, Goldsteen, through GOHO, LLC, retains ownership of 21,568,650 shares of Shimmick Corp. As per the filing, Goldsteen disclaims beneficial ownership of these securities, except for any pecuniary interest.
In other recent news, Shimmick Corp reported a significant earnings miss for the fourth quarter of 2024, with earnings per share (EPS) at -0.91, falling short of the forecasted 0.11. Revenue also declined, reaching $104 million compared to expectations of $173.7 million. Despite these setbacks, Shimmick Corp maintains a strong backlog of $822 million, indicating potential growth opportunities. The company is focusing on expanding its electrical infrastructure and improving project margins, with a forecasted revenue increase of 10-15% for 2025. Analysts from firms such as Roth Capital Partners (WA:CPAP) and Craig Hallum Capital have engaged with Shimmick’s management, expressing interest in the company’s strategic initiatives. The company is optimistic about its future, emphasizing its strategic pillars of sustainable backlog, operational excellence, and focus on people and culture. Shimmick Corp’s CEO, Yirael Yal, has highlighted the company’s efforts to improve project margins and manage risks more effectively. The firm is also working on diversifying its client portfolio and expanding its presence in key markets, such as water resources and sustainable transportation.
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