Symbotic (NASDAQ:SYM) Shares Up 0.3% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s share price rose 0.3% during trading on Friday . The company traded as high as $23.96 and last traded at $23.14. Approximately 394,031 shares traded hands during trading, a decline of 75% from the average daily volume of 1,593,615 shares. The stock had previously closed at $23.06.

Analyst Ratings Changes

SYM has been the subject of a number of analyst reports. Needham & Company LLC decreased their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. Northland Securities cut their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Finally, Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Performance

The company has a fifty day moving average price of $22.93 and a two-hundred day moving average price of $34.39. The company has a market cap of $14.04 billion, a P/E ratio of -96.42 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. Research analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

Insiders Place Their Bets

In related news, insider William M. Boyd III sold 8,826 shares of the company’s 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 directly owns 23,012 shares in the company, valued at approximately $890,794.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider William M. Boyd III sold 8,826 shares of the company’s 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 directly owns 23,012 shares in the company, valued at approximately $890,794.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 2,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 74,808 shares in the company, valued at $2,992,320. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,987 shares of company stock valued at $1,066,559. 38.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently bought and sold shares of SYM. RFP Financial Group LLC lifted its holdings in shares of Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock worth $62,000 after acquiring an additional 242 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after acquiring an additional 284 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after acquiring an additional 654 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Symbotic by 8.5% in the second 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. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Symbotic by 7.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after acquiring an additional 800 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.