Symbotic (NASDAQ:SYM) Shares Up 2.1%

Symbotic Inc. (NASDAQ:SYM) shot up 2.1% during trading on Thursday . The company traded as high as $26.97 and last traded at $25.51. 716,278 shares were traded during mid-day trading, a decline of 55% from the average session volume of 1,591,610 shares. The stock had previously closed at $24.98.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SYM shares. Vertical Research assumed coverage on Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price for the company. KeyCorp dropped their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Northland Securities cut their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Trading Up 0.7 %

The stock has a market cap of $14.72 billion, a P/E ratio of -104.88 and a beta of 1.81. The firm has a 50-day simple moving average of $25.61 and a two-hundred day simple moving average of $35.64.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share 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 business had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. Sell-side analysts predict that Symbotic Inc. will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now owns 214,036 shares in the company, valued at approximately $4,013,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the completion of the sale, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The disclosure for this sale can be found here. Over the last 90 days, insiders 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 made changes to their positions in SYM. Vanguard Group Inc. lifted its holdings in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Blair William & Co. IL lifted its position in shares of Symbotic by 418.1% during the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after acquiring an additional 26,925 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Symbotic in the fourth quarter worth $1,669,000. Comerica Bank grew its position in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares in the last quarter. Finally, Seven Eight Capital LP bought a new stake in shares of Symbotic during the 4th quarter valued at $2,568,000.

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.