Symbotic (NASDAQ:SYM) Trading 5.5% Higher

Symbotic Inc. (NASDAQ:SYM)’s stock price was up 5.5% on Thursday . The stock traded as high as $24.87 and last traded at $24.40. Approximately 376,412 shares changed hands during trading, a decline of 77% from the average daily volume of 1,606,354 shares. The stock had previously closed at $23.12.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SYM shares. Craig Hallum dropped their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. The Goldman Sachs Group reduced their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Citigroup lowered their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, KeyCorp reduced their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. One 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 MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Price Performance

The business has a 50-day moving average of $24.61 and a 200 day moving average of $35.20. The company has a market cap of $14.40 billion, a PE ratio of -105.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its quarterly 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). The business had revenue of $491.86 million for 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%. Symbotic’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) EPS. On average, equities analysts predict that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the transaction, the director now owns 2,000 shares in the company, valued at approximately $70,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 in the company, valued at approximately $890,794.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’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 $70,980.00. Following the sale, the director now owns 2,000 shares in the company, valued at approximately $70,980. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,909 shares of company stock valued at $1,148,358. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake 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 buying an additional 345,386 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Symbotic by 418.1% in the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after acquiring an additional 26,925 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Symbotic during the fourth quarter worth about $1,669,000. Finally, Comerica Bank raised its stake in Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 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.