Symbotic (NASDAQ:SYM) Trading Up 2.2%

Symbotic Inc. (NASDAQ:SYM) shares were up 2.2% during mid-day trading on Friday . The company traded as high as $26.30 and last traded at $25.69. Approximately 413,674 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,607,214 shares. The stock had previously closed at $25.13.

Analyst Ratings Changes

A number of analysts have recently commented on the company. KeyCorp cut their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. BWS Financial reissued a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Friday. Vertical Research started coverage on shares of Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, July 30th. Finally, Craig Hallum reduced their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

The stock has a fifty day simple moving average of $24.34 and a two-hundred day simple moving average of $35.13. The firm has a market capitalization of $14.74 billion, a P/E ratio of -104.75 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its 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). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same period in the prior year, the company earned ($0.07) earnings per share. The firm’s revenue was up 57.7% compared to the same quarter last year. As a group, sell-side analysts expect that Symbotic Inc. will post -0.08 EPS 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 on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $70,980. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $70,980.00. Following the sale, the director now owns 2,000 shares in the company, valued at approximately $70,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the transaction, the insider now owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. 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. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. bought a new position in shares of Symbotic during the 1st quarter worth approximately $426,752,000. 1832 Asset Management L.P. boosted its position 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 worth $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board grew its stake 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 during the period. Vanguard Group Inc. increased its position in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC raised its stake in shares of Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after purchasing an additional 342,417 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.