Symbotic (NASDAQ:SYM) Shares Up 2.2%

Symbotic Inc. (NASDAQ:SYM)’s share price was up 2.2% on Wednesday . The stock traded as high as $42.37 and last traded at $41.79. Approximately 303,505 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,448,242 shares. The stock had previously closed at $40.88.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SYM shares. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, February 7th. Needham & Company LLC reduced their target price on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Finally, The Goldman Sachs Group reduced their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Price Performance

The company has a market capitalization of $24.14 billion, a P/E ratio of -154.78 and a beta of 1.91. The company’s 50-day moving average price is $43.77 and its two-hundred day moving average price is $44.01.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. On average, analysts anticipate that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now directly owns 10,447 shares of the company’s stock, valued at $440,863.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 74,198 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $45.69, for a total transaction of $3,390,106.62. Following the sale, the insider now directly owns 62,624 shares in the company, valued at $2,861,290.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $42.20, for a total transaction of $84,400.00. Following the sale, the director now owns 10,447 shares in the company, valued at $440,863.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,188,628 shares of company stock valued at $279,026,777. 38.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp acquired a new stake in Symbotic during the 4th quarter worth approximately $26,000. Rockefeller Capital Management L.P. acquired a new stake in Symbotic during the 4th quarter worth approximately $29,000. Providence Capital Advisors LLC acquired a new stake in Symbotic during the 3rd quarter worth approximately $33,000. JPMorgan Chase & Co. boosted its position in Symbotic by 1,412.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock worth $35,000 after buying an additional 1,412 shares during the period. Finally, National Bank of Canada FI boosted its position in Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock worth $35,000 after buying an additional 400 shares during the period.

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.