Symbotic (NASDAQ:SYM) Stock Price Up 6.1%

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 6.1% during trading on Tuesday . The stock traded as high as $23.98 and last traded at $23.78. 731,054 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 1,571,784 shares. The stock had previously closed at $22.41.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SYM shares. BWS Financial restated a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. KeyCorp lowered their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Needham & Company LLC cut their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group lowered their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

The business’s 50 day simple moving average is $26.14 and its 200 day simple moving average is $35.83. The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of -106.29 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company 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% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) EPS. As a group, analysts expect that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at approximately $890,794.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 owns 2,000 shares in the company, valued at $70,980. The disclosure for this sale can be found here. Insiders sold 38,909 shares of company stock worth $1,148,358 over the last 90 days. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. Baillie Gifford & Co. purchased a new stake in shares of Symbotic in the first quarter valued at $426,752,000. 1832 Asset Management L.P. grew its holdings in Symbotic by 189.5% in the fourth 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 period. Canada Pension Plan Investment Board increased its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Vanguard Group Inc. raised its stake in Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares during the period. Finally, Zevenbergen Capital Investments LLC boosted its holdings in shares of Symbotic by 1,826.2% in the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after purchasing an additional 342,417 shares during the last quarter.

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.