Symbotic (NASDAQ:SYM) Stock Price Up 5.6% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 5.6% during trading on Thursday . The stock traded as high as $64.03 and last traded at $63.62. 2,299,622 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 2,185,515 shares. The stock had previously closed at $60.25.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of research reports. Needham & Company LLC boosted their target price on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Citigroup upped their target price on Symbotic from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft increased their target price on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Robert W. Baird upped their price objective on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $56.50.

Symbotic Stock Performance

The company has a market capitalization of $37.63 billion, a P/E ratio of -424.13, a price-to-earnings-growth ratio of 17.64 and a beta of 2.10. The business has a 50 day moving average of $68.42 and a 200-day moving average of $53.42.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The firm had revenue of $618.46 million during the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 earnings per share. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, Director Merline Saintil sold 9,000 shares of the company’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the transaction, the director directly owned 68,413 shares in the company, valued at $5,795,949.36. This represents a 11.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of Symbotic stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This trade represents a 38.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,085,508 shares of company stock valued at $378,774,555 in the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Amanah Holdings Trust bought a new stake in Symbotic in the second quarter worth $19,824,000. ARK Investment Management LLC increased its holdings in shares of Symbotic by 13.3% in the second quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock worth $17,308,000 after buying an additional 52,205 shares during the period. Amundi lifted its stake in shares of Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after acquiring an additional 24,993 shares during the last quarter. Hunter Associates Investment Management LLC purchased a new stake in Symbotic during the 2nd quarter valued at about $361,000. Finally, Prospera Financial Services Inc bought a new position in Symbotic during the 2nd quarter worth approximately $861,000.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.