Symbotic (NASDAQ:SYM) Sees Unusually-High Trading Volume – Here’s Why

Shares of Symbotic Inc. (NASDAQ:SYM) saw unusually-high trading volume on Friday . Approximately 5,007,039 shares were traded during trading, an increase of 134% from the previous session’s volume of 2,135,539 shares.The stock last traded at $59.0780 and had previously closed at $60.48.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group reiterated a “sell” rating and issued a $35.00 price target (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. Barclays increased their price target on Symbotic from $38.00 to $41.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 26th. Oppenheimer restated an “outperform” rating and set a $83.00 price target on shares of Symbotic in a research note on Tuesday, November 25th. Finally, Baird R W lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.07.

Symbotic Stock Performance

The business has a 50 day moving average of $67.93 and a two-hundred day moving average of $52.27. The stock has a market capitalization of $35.30 billion, a PE ratio of -397.69, a PEG ratio of 20.77 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The firm had revenue of $618.46 million during the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, equities analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 11,735 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $82.09, for a total transaction of $963,326.15. Following the completion of the sale, the insider owned 26,769 shares in the company, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the sale, the director directly owned 68,413 shares of the company’s stock, valued at $5,795,949.36. The trade was a 11.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 81,508 shares of company stock valued at $6,020,555 over the last three months. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. MAI Capital Management increased its holdings in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. AdvisorNet Financial Inc acquired a new stake in Symbotic in the 2nd quarter worth approximately $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic during the 2nd quarter worth approximately $32,000. Ameriflex Group Inc. increased its stake in Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares in the last quarter. Finally, Gables Capital Management Inc. purchased a new position in shares of Symbotic in the second quarter worth $39,000.

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.