Symbotic (NASDAQ:SYM) Trading 1.3% Higher

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 1.3% on Wednesday . The company traded as high as $32.83 and last traded at $32.18. 281,882 shares changed hands during trading, a decline of 80% from the average session volume of 1,382,579 shares. The stock had previously closed at $31.77.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Craig Hallum raised their price objective on Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Symbotic in a research report on Tuesday, May 7th. William Blair reiterated a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Finally, Northland Securities lifted their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Stock Up 2.4 %

The firm has a market cap of $19.02 billion, a P/E ratio of -134.70 and a beta of 1.92. The company’s 50 day simple moving average is $39.92 and its 200-day simple moving average is $43.45.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The firm had revenue of $424.30 million during the quarter, compared to the consensus estimate of $415.98 million. Equities research analysts predict that Symbotic Inc. will post -0.07 EPS for the current year.

Insider Activity

In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $40.34, for a total transaction of $356,000.50. Following the completion of the sale, the insider now owns 23,012 shares in the company, valued at $928,304.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the transaction, the insider now owns 70,832 shares in the company, valued at approximately $3,118,024.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William M. Boyd III sold 8,825 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $928,304.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,214 shares of company stock valued at $6,030,760. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently made changes to their positions in the business. Van ECK Associates Corp purchased a new stake in Symbotic during the 4th quarter worth approximately $26,000. RiverPark Advisors LLC purchased a new position in shares of Symbotic in the first quarter worth about $37,000. Pingora Partners LLC acquired a new stake in shares of Symbotic during the fourth quarter worth about $51,000. Global Retirement Partners LLC boosted its position in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after buying an additional 660 shares during the last quarter. Finally, Centerpoint Advisors LLC acquired a new position in Symbotic in the 4th quarter worth approximately $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.