Symbotic (NASDAQ:SYM) Trading Up 1.4% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shot up 1.4% during mid-day trading on Thursday . The stock traded as high as $71.25 and last traded at $70.61. 1,600,539 shares traded hands during trading, a decline of 20% from the average session volume of 2,011,929 shares. The stock had previously closed at $69.62.

Analyst Ratings Changes

Several research analysts have commented on the stock. Oppenheimer restated an “outperform” rating and set a $83.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. Needham & Company LLC boosted their price target on Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. UBS Group reiterated a “sell” rating and issued a $35.00 target price (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Finally, Robert W. Baird boosted their target price on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” 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. According to MarketBeat.com, Symbotic has a consensus rating of “Hold” and a consensus price target of $56.50.

Symbotic Price Performance

The firm has a market capitalization of $41.77 billion, a price-to-earnings ratio of -470.73, a P/E/G ratio of 19.99 and a beta of 2.13. The stock has a fifty day moving average of $65.40 and a two-hundred day moving average of $57.68.

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

Insider Buying and Selling

In other news, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $68.63, for a total transaction of $274,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. This trade represents a 38.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,082,623 shares of company stock worth $378,631,920 over the last 90 days. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. MAI Capital Management increased its stake in shares of Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the last quarter. Ameriflex Group Inc. grew its holdings 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. Strategic Advocates LLC purchased a new stake in Symbotic in the third quarter worth $42,000. IAG Wealth Partners LLC bought a new stake in shares of Symbotic in the second quarter valued at $32,000. Finally, AdvisorNet Financial Inc purchased a new position in shares of Symbotic during the 2nd quarter valued at $32,000.

Symbotic Company Profile

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.