Symbotic (NASDAQ:SYM) Trading 3.9% Higher – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 3.9% during mid-day trading on Thursday . The company traded as high as $60.51 and last traded at $58.19. 2,305,292 shares traded hands during trading, an increase of 5% from the average session volume of 2,199,554 shares. The stock had previously closed at $55.99.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SYM shares. Barclays increased their price objective on Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a research note on Wednesday, November 26th. Oppenheimer restated an “outperform” rating and issued a $83.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. DA Davidson reaffirmed a “neutral” rating and set a $47.00 price objective on shares of Symbotic in a research note on Tuesday, November 25th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Robert W. Baird increased their price target on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $56.50.

Symbotic Stock Up 3.9%

The company has a market cap of $34.42 billion, a P/E ratio of -387.93, a P/E/G ratio of 17.78 and a beta of 2.10. The business has a fifty day simple moving average of $67.86 and a two-hundred day simple moving average of $54.44.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). The business had revenue of $618.46 million for 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 revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. On average, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Symbotic news, Director Merline Saintil sold 9,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the sale, the director owned 68,413 shares in the company, valued at approximately $5,795,949.36. This represents a 11.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of Symbotic stock in a transaction that occurred on 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 directly owned 5,590,000 shares in the company, valued at $297,443,900. This trade represents a 38.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 7,085,508 shares of company stock worth $378,798,933. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of SYM. MAI Capital Management increased its holdings in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the last quarter. AdvisorNet Financial Inc bought a new stake in Symbotic during the second quarter worth approximately $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic during the second quarter valued at approximately $32,000. Ameriflex Group Inc. raised its position in Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. Finally, Gables Capital Management Inc. bought a new stake in shares of Symbotic in the 2nd quarter valued at approximately $39,000.

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.