Symbotic (NASDAQ:SYM) Trading Up 1.2%

Symbotic Inc. (NASDAQ:SYM) shares were up 1.2% during trading on Wednesday . The stock traded as high as $25.87 and last traded at $25.25. Approximately 815,066 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 1,585,524 shares. The stock had previously closed at $24.96.

Wall Street Analyst Weigh In

Several research analysts recently commented on SYM shares. BWS Financial reiterated a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research report on Tuesday, July 30th. Vertical Research started coverage on Symbotic in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price target for the company. Robert W. Baird dropped their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. KeyCorp dropped their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Finally, Northland Securities dropped their target price on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Price Performance

The stock has a market cap of $14.64 billion, a PE ratio of -104.16 and a beta of 1.81. The business has a fifty day moving average of $25.88 and a 200-day moving average of $35.75.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $491.86 million during 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 firm’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) EPS. As a group, equities research analysts predict that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 5,188 shares of the business’s 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 $184,122.12. Following the completion of the transaction, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was 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 approximately $2,725,915.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,909 shares of company stock worth $1,148,358. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP purchased a new stake in shares of Symbotic during the 2nd quarter valued at $65,000. Sunbelt Securities Inc. raised its stake in Symbotic by 2,215.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company’s stock worth $179,000 after acquiring an additional 4,875 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake 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 acquiring an additional 679 shares during the last quarter. Millennium Management LLC raised its stake in Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after acquiring an additional 330,709 shares during the last quarter. Finally, Marathon Capital Management raised its stake in Symbotic by 8.0% in the 2nd quarter. Marathon Capital Management now owns 42,055 shares of the company’s stock worth $1,479,000 after acquiring an additional 3,115 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.