Symbotic (NASDAQ:SYM) Sees Strong Trading Volume – What’s Next?

Symbotic Inc. (NASDAQ:SYM) saw strong trading volume on Friday . 1,608,710 shares were traded during trading, an increase of 1% from the previous session’s volume of 1,597,479 shares.The stock last traded at $31.49 and had previously closed at $27.51.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citigroup cut their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped 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. Needham & Company LLC cut their price target on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group cut their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Finally, KeyCorp dropped their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Trading Up 8.8 %

The business has a 50 day moving average of $22.42 and a 200-day moving average of $33.49. The stock has a market cap of $17.50 billion, a PE ratio of -124.71 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last released 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 for the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. Research analysts expect that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 17,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,593,212.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total value of $69,281.20. Following the completion of the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at $2,827,038.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 17,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,593,212.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,987 shares of company stock valued at $1,066,559. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Several hedge funds have recently modified their holdings of SYM. Essex Investment Management Co. LLC increased its stake in Symbotic by 54.6% in the 3rd quarter. Essex Investment Management Co. LLC now owns 28,608 shares of the company’s stock valued at $698,000 after purchasing an additional 10,104 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Quarry LP purchased a new position in Symbotic in the 2nd quarter valued at approximately $65,000. Sunbelt Securities Inc. increased 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 valued at $179,000 after purchasing an additional 4,875 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased 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 valued at $304,000 after purchasing an additional 679 shares in the last quarter.

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.