Symbotic (NASDAQ:SYM) Stock Price Up 4.9%

Symbotic Inc. (NASDAQ:SYM) was up 4.9% during trading on Monday . The company traded as high as $22.22 and last traded at $22.18. Approximately 450,658 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 1,568,013 shares. The stock had previously closed at $21.14.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Needham & Company LLC lowered their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price objective 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. TD Cowen lowered their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Up 0.1 %

The firm has a market capitalization of $14.60 billion, a PE ratio of -104.08 and a beta of 1.81. The company’s 50-day simple moving average is $26.37 and its 200 day simple moving average is $35.90.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $491.86 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, sell-side analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the 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 transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $70,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of the 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 transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $70,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael David Dunn sold 5,188 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the transaction, the insider now directly owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The disclosure for this sale can be found here. Insiders sold 38,909 shares of company stock valued at $1,148,358 in the last three months. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently bought and sold shares of the business. RFP Financial Group LLC increased its holdings in Symbotic by 21.2% in the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock worth $62,000 after buying an additional 242 shares during the period. Advisors Asset Management Inc. increased its holdings in Symbotic by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after buying an additional 284 shares during the period. California State Teachers Retirement System increased its holdings in Symbotic by 4.5% in the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after buying an additional 654 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Symbotic by 7.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after buying an additional 800 shares during the period.

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.