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

Symbotic Inc. (NASDAQ:SYM) gapped up before the market opened on Monday . The stock had previously closed at $25.64, but opened at $26.95. Symbotic shares last traded at $27.30, with a volume of 426,654 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. TD Cowen increased their target price on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Craig Hallum lowered Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research note on Wednesday, November 27th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. Finally, DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $50.00 to $35.00 in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and an average target price of $41.79.

Symbotic Price Performance

The stock has a market cap of $16.41 billion, a PE ratio of -465.67 and a beta of 1.73. The business has a fifty day moving average of $28.58 and a 200 day moving average of $27.98.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.08) earnings per share. On average, equities research analysts expect that Symbotic Inc. will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 63,867 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the transaction, the insider now owns 24,055 shares of the company’s stock, valued at $723,574.40. This trade represents a 72.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,844 shares of company stock valued at $3,220,351 in the last quarter. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds have recently made changes to their positions in SYM. Bank of New York Mellon Corp lifted its holdings in shares of Symbotic by 9.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 80,707 shares of the company’s stock worth $2,838,000 after purchasing an additional 7,058 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Symbotic by 21.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,309 shares of the company’s stock worth $222,000 after purchasing an additional 1,130 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Symbotic by 51.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 30,996 shares of the company’s stock worth $1,090,000 after purchasing an additional 10,477 shares during the last quarter. Van ECK Associates Corp increased its position in Symbotic by 109.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after acquiring an additional 1,423 shares during the period. Finally, Arizona State Retirement System increased its position in Symbotic by 114.3% in the 2nd quarter. Arizona State Retirement System now owns 9,863 shares of the company’s stock valued at $347,000 after acquiring an additional 5,261 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.