Symbotic (NASDAQ:SYM) Trading 3% Higher on Analyst Upgrade

Shares of Symbotic Inc. (NASDAQ:SYM) rose 3% on Tuesday 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 $52.53 and last traded at $52.51. Approximately 848,956 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 1,849,332 shares. The stock had previously closed at $50.97.

Other analysts also recently issued reports about the stock. Northland Securities set a $73.00 price target on shares of Symbotic in a research report on Thursday, February 5th. Robert W. Baird increased their price objective on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. The Goldman Sachs Group reissued a “sell” rating and set a $50.00 target price on shares of Symbotic in a report on Thursday, January 15th. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research note on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.71.

Insider Activity at Symbotic

In related news, CTO James Kuffner sold 3,669 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total value of $208,545.96. Following the completion of the sale, the chief technology officer directly owned 151,061 shares in the company, valued at approximately $8,586,307.24. This represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rollin L. Ford sold 60,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 193,492 shares of company stock worth $11,449,123. 8.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in Symbotic by 28.8% during the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after acquiring an additional 18,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Symbotic by 15.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after buying an additional 11,098 shares during the last quarter. KBC Group NV acquired a new position in Symbotic during the second quarter worth approximately $66,000. PNC Financial Services Group Inc. raised its position in shares of Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company’s stock valued at $247,000 after purchasing an additional 422 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Symbotic by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after purchasing an additional 4,892 shares during the period.

Symbotic Stock Up 3.0%

The company’s 50 day moving average is $58.33 and its 200 day moving average is $60.86. The firm has a market capitalization of $31.62 billion, a price-to-earnings ratio of -525.05, a P/E/G ratio of 4.96 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share 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 the consensus estimate 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 for the quarter was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.03) earnings per share. On average, analysts expect that Symbotic Inc. will post 0.13 EPS for the current 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.