Symbotic (NASDAQ:SYM) Shares Up 0.3% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 0.3% on Wednesday . The stock traded as high as $23.81 and last traded at $23.44. 99,909 shares were traded during trading, a decline of 94% from the average session volume of 1,581,999 shares. The stock had previously closed at $23.38.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SYM. Northland Securities dropped their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. KeyCorp dropped their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Vertical Research began coverage on Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective on the stock. TD Cowen lowered their price objective on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

The stock has a 50 day moving average of $22.31 and a 200 day moving average of $33.74. The firm has a market cap of $13.73 billion, a P/E ratio of -98.08 and a beta of 1.84.

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

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred 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 directly owns 214,036 shares of the company’s stock, valued at $4,013,175. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $2,827,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,987 shares of company stock valued at $1,066,559 over the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Symbotic in the 2nd quarter valued at approximately $65,000. Sunbelt Securities Inc. lifted its stake in shares of Symbotic by 2,215.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company’s stock worth $179,000 after acquiring an additional 4,875 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after acquiring an additional 679 shares during the period. Millennium Management LLC increased its holdings in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares in the last quarter. Finally, Marathon Capital Management increased its holdings in shares of Symbotic by 8.0% in the 2nd quarter. Marathon Capital Management now owns 42,055 shares of the company’s stock valued at $1,479,000 after purchasing an additional 3,115 shares in the last quarter.

Symbotic Company Profile

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.