Symbotic (NASDAQ:SYM) Shares Gap Up on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up prior to trading on Tuesday after KeyCorp raised their price target on the stock from $40.00 to $48.00. The stock had previously closed at $30.56, but opened at $37.93. KeyCorp currently has an overweight rating on the stock. Symbotic shares last traded at $39.42, with a volume of 3,511,022 shares trading hands.

Other equities analysts also recently issued research reports about the stock. Northland Securities upped their price objective on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. Craig Hallum lowered their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. TD Cowen reduced their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Vertical Research initiated coverage on Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $44.31.

Insider Buying and Selling at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,878 shares of company stock worth $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its stake in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares during the period. Vanguard Group Inc. raised its stake in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Thematics Asset Management boosted its stake in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after purchasing an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares in the last quarter.

Symbotic Stock Up 27.7 %

The stock has a market capitalization of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81. The stock has a 50 day moving average price of $27.00 and a 200 day moving average price of $31.09.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business’s revenue was up 47.2% compared to the same quarter last year. During the same period last year, the business posted ($0.08) EPS. Sell-side analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

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.