Symbotic (NASDAQ:SYM) Shares Gap Up to $22.41

Symbotic Inc. (NASDAQ:SYM) shares gapped up before the market opened on Tuesday . The stock had previously closed at $22.41, but opened at $23.03. Symbotic shares last traded at $22.86, with a volume of 152,144 shares.

Wall Street Analyst Weigh In

SYM has been the subject of a number of recent research reports. Robert W. Baird reduced their target price on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. The Goldman Sachs Group lowered their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. 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, Citigroup cut their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Up 0.1 %

The business’s 50 day moving average price is $26.14 and its 200-day moving average price is $35.83.

Symbotic (NASDAQ:SYM) last announced its earnings results 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). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. During the same period in the previous year, the firm earned ($0.07) EPS. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 74,808 shares of the company’s stock, valued at approximately $2,992,320. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $38.71, for a total value of $341,654.46. Following the transaction, the insider now owns 23,012 shares of the company’s stock, valued at $890,794.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 2,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 74,808 shares in the company, valued at approximately $2,992,320. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,909 shares of company stock valued at $1,148,358. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently added to or reduced their stakes in the business. RiverPark Advisors LLC purchased a new stake in shares of Symbotic during the 1st quarter worth approximately $37,000. Pingora Partners LLC acquired a new stake in Symbotic during the 4th quarter worth $51,000. RFP Financial Group LLC lifted its position in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares during the last quarter. Quarry LP acquired a new position in Symbotic in the second quarter valued at $65,000. Finally, Natixis Investment Managers International purchased a new position in shares of Symbotic during the first quarter worth about $90,000.

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.