Symbotic (NASDAQ:SYM) Trading 3.1% Higher After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s share price was up 3.1% during trading on Monday after Barclays raised their price target on the stock from $42.00 to $44.00. Barclays currently has an underweight rating on the stock. Symbotic traded as high as $51.48 and last traded at $50.97. Approximately 957,167 shares traded hands during trading, a decline of 49% from the average daily volume of 1,874,566 shares. The stock had previously closed at $49.43.

Other analysts have also issued research reports about the company. The Goldman Sachs Group reiterated a “sell” rating and set a $50.00 target price on shares of Symbotic in a report on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Robert W. Baird boosted their price target on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. DA Davidson upped their price objective on Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Symbotic currently has an average rating of “Hold” and an average target price of $60.71.

Insider Activity

In other news, insider Maria G. Freve sold 8,306 shares of Symbotic stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $55.11, for a total transaction of $457,743.66. Following the completion of the transaction, the insider directly owned 539 shares in the company, valued at approximately $29,704.29. The trade was a 93.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 193,492 shares of company stock valued at $11,449,123. 8.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Barton Investment Management acquired a new position in Symbotic in the 3rd quarter valued at about $1,640,000. Grove Street Fiduciary LLC raised its holdings in Symbotic by 314.4% in the 3rd quarter. Grove Street Fiduciary LLC now owns 35,000 shares of the company’s stock valued at $1,886,000 after acquiring an additional 26,555 shares in the last quarter. Mutual Advisors LLC bought a new stake in Symbotic during the third quarter worth about $1,919,000. ARK Investment Management LLC lifted its holdings in shares of Symbotic by 32.4% during the 3rd quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock worth $31,795,000 after acquiring an additional 144,389 shares during the period. Finally, Willis Johnson & Associates Inc. acquired a new stake in shares of Symbotic in the 2nd quarter valued at $280,000.

Symbotic Stock Up 3.1%

The firm has a 50 day moving average of $58.68 and a two-hundred day moving average of $60.85. The firm has a market capitalization of $30.69 billion, a price-to-earnings ratio of -509.65, a price-to-earnings-growth ratio of 4.96 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.06). The business had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm’s revenue was up 29.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) EPS. Sell-side analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.