Symbotic (NASDAQ:SYM) Shares Up 2.1%

Symbotic Inc. (NASDAQ:SYM)’s share price shot up 2.1% during trading on Thursday . The stock traded as high as $26.97 and last traded at $25.51. 716,278 shares changed hands during trading, a decline of 55% from the average session volume of 1,591,610 shares. The stock had previously closed at $24.98.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on 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 research report on Tuesday, July 30th. The Goldman Sachs Group decreased their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their price target on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Needham & Company LLC cut their target price 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. Finally, TD Cowen dropped their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Up 0.5 %

The company has a market capitalization of $14.70 billion, a P/E ratio of -106.29 and a beta of 1.81. The business has a fifty day moving average price of $26.14 and a 200 day moving average price of $35.83.

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

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares in the company, valued at $4,013,175. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $2,827,038.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The disclosure for this sale can be found here. Insiders sold a total of 38,909 shares of company stock worth $1,148,358 over the last ninety days. 38.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. RiverPark Advisors LLC bought a new stake in Symbotic in the 1st quarter valued at $37,000. Pingora Partners LLC bought a new stake in shares of Symbotic in the fourth quarter valued at about $51,000. RFP Financial Group LLC grew its stake in shares of 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 in the last quarter. Quarry LP bought a new position in Symbotic during the second quarter worth about $65,000. Finally, Natixis Investment Managers International acquired a new stake in Symbotic in the 1st 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.