Symbotic (NASDAQ:SYM) Trading 4.9% Higher

Symbotic Inc. (NASDAQ:SYM)’s share price shot up 4.9% during trading on Monday . The company traded as high as $22.22 and last traded at $22.18. 450,658 shares changed hands during trading, a decline of 71% from the average session volume of 1,568,013 shares. The stock had previously closed at $21.14.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Vertical Research assumed coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective for the company. KeyCorp dropped their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, July 30th. Finally, Needham & Company LLC dropped their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One investment 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’s stock. According to MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Stock Up 8.7 %

The company has a market cap of $13.43 billion, a price-to-earnings ratio of -94.08 and a beta of 1.81. The firm has a 50-day simple moving average of $26.92 and a 200 day simple moving average of $36.13.

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

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $70,980. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at $890,794.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $70,980.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $70,980. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,909 shares of company stock valued at $1,148,358. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its position in Symbotic by 12.4% during the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after buying an additional 1,177,578 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. raised its stake in Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board lifted 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 valued at $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock valued at $23,491,000 after purchasing an additional 51,712 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.