Symbotic (NASDAQ:SYM) Trading 1.8% Higher

Symbotic Inc. (NASDAQ:SYM)’s stock price rose 1.8% on Tuesday . The company traded as high as $41.13 and last traded at $40.36. Approximately 157,456 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,425,516 shares. The stock had previously closed at $39.66.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent research reports. Needham & Company LLC reduced their target price on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Robert W. Baird reduced their target price on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 6th. The Goldman Sachs Group reduced their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, February 7th. Finally, William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Trading Up 2.6 %

The stock has a market capitalization of $23.49 billion, a P/E ratio of -151.52 and a beta of 1.91. The business has a 50-day moving average price of $43.49 and a 200 day moving average price of $44.24.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. On average, sell-side analysts predict that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $42.20, for a total value of $84,400.00. Following the completion of the sale, the director now owns 10,447 shares in the company, valued at $440,863.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now directly owns 10,447 shares of the company’s stock, valued at $440,863.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael David Dunn sold 5,444 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $43.29, for a total value of $235,670.76. Following the transaction, the insider now directly owns 71,366 shares in the company, valued at $3,089,434.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,114,430 shares of company stock worth $275,636,670. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp purchased a new stake in Symbotic in the fourth quarter valued at $26,000. Providence Capital Advisors LLC purchased a new stake in shares of Symbotic during the 3rd quarter worth about $33,000. National Bank of Canada FI boosted its stake in shares of Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock worth $35,000 after acquiring an additional 400 shares in the last quarter. Pingora Partners LLC purchased a new stake in shares of Symbotic during the 4th quarter worth about $51,000. Finally, Centerpoint Advisors LLC purchased a new stake in shares of Symbotic during the 4th quarter worth about $62,000.

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.