Symbotic (NASDAQ:SYM) Shares Up 5% – Here’s Why

Shares of Symbotic Inc. (NASDAQ:SYM) were up 5% during trading on Tuesday . The stock traded as high as $63.38 and last traded at $62.69. Approximately 2,543,268 shares traded hands during trading, an increase of 16% from the average daily volume of 2,195,705 shares. The stock had previously closed at $59.73.

Analyst Ratings Changes

SYM has been the topic of a number of recent analyst reports. Northland Securities lifted their price target on shares of Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, November 25th. DA Davidson restated a “neutral” rating and set a $47.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research report on Sunday, November 30th. Finally, Barclays increased their target price on Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a research note on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and an average target price of $56.50.

Symbotic Trading Up 3.9%

The firm has a market cap of $34.42 billion, a P/E ratio of -387.93, a price-to-earnings-growth ratio of 15.88 and a beta of 2.10. The company’s fifty day moving average price is $67.68 and its two-hundred day moving average price is $54.47.

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 the consensus estimate of $0.08 by ($0.11). The firm had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 earnings per share. On average, analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $82.09, for a total value of $963,326.15. Following the completion of the sale, the insider directly owned 26,769 shares of the company’s stock, valued at approximately $2,197,467.21. This trade represents a 30.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Ladensohn sold 23,000 shares of the company’s stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $66.75, for a total value of $1,535,250.00. Following the transaction, the insider directly owned 5,000 shares in the company, valued at $333,750. This trade represents a 82.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,085,508 shares of company stock worth $378,798,933 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently modified their holdings of the business. Amanah Holdings Trust acquired a new stake in Symbotic during the second quarter worth about $19,824,000. ARK Investment Management LLC boosted its position in shares of Symbotic by 13.3% during the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock worth $17,308,000 after acquiring an additional 52,205 shares in the last quarter. Amundi increased its stake in Symbotic by 53.0% in the first 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 acquired a new position in Symbotic during the second quarter valued at approximately $361,000. Finally, Prospera Financial Services Inc acquired a new position in Symbotic during the second quarter valued at 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.