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Mitchell B. Goldsteen, a director and significant shareholder of Shimmick Corp (NASDAQ:SHIM), has recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions, executed under a pre-established Rule 10b5-1 plan, occurred over three consecutive days from March 17 to March 19, 2025. The timing is notable as SHIM’s stock has declined nearly 73% over the past year, with the current price of $1.69 sitting well below its 52-week high of $7.05.
Goldsteen sold a total of 2,500 shares at a consistent price of approximately $1.70 per share, amounting to a total transaction value of $4,250. Following these sales, Goldsteen, through GOHO, LLC, retains ownership of 21,566,150 shares of Shimmick Corp. According to InvestingPro data, the company faces challenges with rapid cash burn and weak gross profit margins of -11.59%. The sales were part of a strategic plan and not indicative of any immediate changes in the company’s outlook. Discover 14 additional key insights about SHIM with an InvestingPro subscription.
In other recent news, Shimmick Corp reported a significant earnings miss for the fourth quarter of 2024, with an earnings per share (EPS) of -0.91, far below the projected 0.11. Revenue also fell short of expectations, coming in at $104 million against the anticipated $173.7 million. The company’s revenue for Q4 2024 showed a decline from $138 million in the same quarter the previous year. Despite these setbacks, Shimmick Corp maintains a strong backlog of $822 million, which may indicate potential growth opportunities. The company has outlined strategic initiatives aimed at expanding its electrical infrastructure and improving project margins. Looking ahead, Shimmick Corp projects a 10-15% increase in revenue for 2025, with a target gross margin of 9-12%. The firm also plans to enhance its presence in key markets such as water resources and sustainable transportation. Analyst feedback was not directly mentioned, but the company’s strategic direction suggests a focus on long-term growth and operational improvements.
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