Symbotic (NASDAQ:SYM) Stock Price Up 4.9%

Shares of Symbotic Inc. (NASDAQ:SYM) rose 4.9% during trading on Monday . The company traded as high as $22.22 and last traded at $22.18. Approximately 450,658 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 1,568,013 shares. The stock had previously closed at $21.14.

Analysts Set New Price Targets

SYM has been the subject of a number of research analyst reports. Northland Securities reduced their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Needham & Company LLC reduced their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. KeyCorp cut their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, July 30th. Finally, Vertical Research assumed coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Stock Up 0.1 %

The firm has a market cap of $14.60 billion, a PE ratio of -104.08 and a beta of 1.81. The firm’s fifty day simple moving average is $26.37 and its two-hundred day simple moving average is $35.90.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. During the same period last year, the firm posted ($0.07) EPS. Symbotic’s quarterly revenue was up 57.7% compared to the same quarter last year. As a group, analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the insider now owns 74,808 shares of the company’s stock, valued at $2,992,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 74,808 shares of the company’s stock, valued at $2,992,320. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $890,794.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,909 shares of company stock valued at $1,148,358. 38.30% 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 the business. RiverPark Advisors LLC bought a new position in shares of Symbotic in the first quarter worth about $37,000. Pingora Partners LLC bought a new position in shares of Symbotic in the fourth quarter worth about $51,000. RFP Financial Group LLC grew its holdings in shares of Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the last quarter. Quarry LP bought a new position in shares of Symbotic in the second quarter worth about $65,000. Finally, Natixis Investment Managers International bought a new position in shares of Symbotic in the first quarter worth about $90,000.

About Symbotic

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.