Symbotic (NASDAQ:SYM) Shares Up 4.4%

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 4.4% on Monday . The company traded as high as $43.15 and last traded at $42.92. 702,731 shares traded hands during trading, a decline of 49% from the average session volume of 1,372,678 shares. The stock had previously closed at $41.13.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SYM. Robert W. Baird reduced their price objective on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Finally, Needham & Company LLC reduced their price objective on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Stock Up 2.0 %

The firm’s fifty day moving average price is $42.99 and its 200 day moving average price is $44.19. The stock has a market cap of $24.20 billion, a PE ratio of -158.96 and a beta of 1.97.

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

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at $928,304.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the transaction, the insider now owns 23,012 shares in the company, valued at $928,304.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the transaction, the insider now owns 72,032 shares in the company, valued at approximately $2,881,280. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 over the last 90 days. 38.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Symbotic by 8.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after purchasing an additional 400 shares during the last quarter. Natixis Advisors L.P. grew its holdings in shares of Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after purchasing an additional 456 shares during the last quarter. Van ECK Associates Corp bought a new position in shares of Symbotic in the fourth quarter worth about $26,000. Bourne Lent Asset Management Inc. grew its holdings in shares of Symbotic by 1.0% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock worth $2,990,000 after purchasing an additional 600 shares during the last quarter. Finally, TFC Financial Management Inc. grew its holdings in Symbotic by 97.1% during the 4th quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after acquiring an additional 604 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.