Symbotic (NASDAQ:SYM) Trading 2.8% Higher – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares shot up 2.8% on Tuesday . The stock traded as high as $64.13 and last traded at $62.17. 3,694,443 shares changed hands during mid-day trading, an increase of 69% from the average session volume of 2,180,604 shares. The stock had previously closed at $60.48.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on SYM shares. Oppenheimer restated an “outperform” rating and issued a $83.00 target price on shares of Symbotic in a report on Tuesday, November 25th. Robert W. Baird raised their price objective on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.50.

Symbotic Trading Up 2.8%

The firm has a market capitalization of $36.77 billion, a P/E ratio of -414.47, a price-to-earnings-growth ratio of 16.94 and a beta of 2.10. The stock has a 50-day simple moving average of $68.22 and a two-hundred day simple moving average of $53.06.

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

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $71.00, for a total transaction of $284,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO James Kuffner sold 8,348 shares of Symbotic stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $81.30, for a total transaction of $678,692.40. Following the transaction, the chief technology officer directly owned 30,640 shares in the company, valued at approximately $2,491,032. The trade was a 21.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 7,085,508 shares of company stock worth $378,774,555. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in Symbotic in the 3rd quarter worth approximately $34,296,000. Amanah Holdings Trust purchased a new position in shares of Symbotic in the second quarter worth $19,824,000. Franklin Resources Inc. lifted its stake in shares of Symbotic by 3,188.8% during the third quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after buying an additional 265,819 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Symbotic during the first quarter worth $4,968,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of Symbotic by 626.4% during the third quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock valued at $14,778,000 after buying an additional 236,435 shares during the last quarter.

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.