Stock Traders Buy High Volume of Put Options on Symbotic (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the target of some unusual options trading on Tuesday. Stock traders purchased 45,225 put options on the company. This is an increase of approximately 434% compared to the average volume of 8,475 put options.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Northland Securities dropped their price objective on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Robert W. Baird reduced their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. Needham & Company LLC reduced their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, KeyCorp reduced their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.23.

Insider Activity

In other news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the insider now owns 74,808 shares of the company’s stock, valued at $2,992,320. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction 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 transaction, the insider now owns 23,012 shares of the company’s stock, valued at $890,794.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 74,808 shares in the company, valued at approximately $2,992,320. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,909 shares of company stock valued at $1,148,358. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in the business. RFP Financial Group LLC increased its position in Symbotic by 21.2% in the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after acquiring an additional 242 shares during the period. Advisors Asset Management Inc. increased its position in shares of Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after purchasing an additional 284 shares during the period. California State Teachers Retirement System increased its position in shares of Symbotic by 4.5% during the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after purchasing an additional 654 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after purchasing an additional 679 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Symbotic by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after purchasing an additional 800 shares during the period.

Symbotic Trading Up 11.4 %

Shares of NASDAQ SYM opened at $24.96 on Wednesday. The company has a market cap of $14.59 billion, a price-to-earnings ratio of -104.00 and a beta of 1.81. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The stock’s 50 day simple moving average is $26.37 and its 200 day simple moving average is $35.90.

Symbotic (NASDAQ:SYM) last posted its 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). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The firm’s revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts forecast that Symbotic will post -0.08 earnings per share for the current fiscal year.

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.