Why Shimmick Corp Shares Are Up Today (CORRECTED)

Editor’s note: Shares of Shimmick Corp Were Up 44% At The Time Of Publication

Shimmick Corporation SHIM shares are trading higher Wednesday after the company announced it has signed a $27.6 million subcontract for electrical work on the Sunol Valley Water Treatment Plant Ozonation project.

The Details:

Shimmick made the announcement after the closing bell Tuesday and said the project aims to control the taste and odor of raw water supplied to the Sunol Valley Water Treatment Plant. 

The prime contract, valued at $234,.7 million, was awarded to J.F. Shea Construction, Inc. by the San Francisco Public Utilities Commission on May 14, 2024. Shimmick’s scope of work includes installing high-voltage power systems, and instrumentation and controls for the new ozonation facility. 

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“We are thrilled to be part of this critical infrastructure project that will significantly improve water quality for millions of Bay Area residents,” said Steve Richards, Chief Executive Officer. “This contract underscores our expertise in complex water treatment projects and our ability to perform critical specialized electric work that leverages our in-house capabilities.”

Shimmick shares are climbing on heavy trading volume following the company's announcement. According to data from Benzinga Pro, more than 10 million shares have already been traded in the session, compared to the stock’s float of approximately 1.9 million shares.

How To Buy SHIM Stock:

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Shimmick SHIM's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

SHIM Price Action: According to Benzinga Pro, Shimmick Corporation shares are up 349.3% at $3.09 at the time of publication Wednesday.

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