Symbotic (NASDAQ:SYM) Trading 3.2% Higher – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares traded up 3.2% during trading on Monday . The company traded as high as $60.06 and last traded at $59.82. 1,235,581 shares were traded during trading, a decline of 43% from the average session volume of 2,182,258 shares. The stock had previously closed at $57.99.

Analysts Set New Price Targets

Several research firms have recently weighed in on SYM. Barclays lifted their price objective on Symbotic from $38.00 to $41.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 26th. Cowen reaffirmed a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Citigroup boosted their price target on Symbotic from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Oppenheimer restated an “outperform” rating and set a $83.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Finally, Needham & Company LLC lifted their price objective on shares of Symbotic from $57.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $56.50.

Symbotic Stock Performance

The business has a fifty day moving average of $66.24 and a 200-day moving average of $56.06. The company has a market capitalization of $35.38 billion, a P/E ratio of -398.80, a PEG ratio of 16.45 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The business had revenue of $618.46 million for the quarter, compared to analyst estimates of $604.00 million. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s quarterly revenue was up 9.5% on a year-over-year basis. Sell-side analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the sale, the insider directly owned 5,590,000 shares of the company’s stock, valued at $297,443,900. This represents a 38.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the transaction, the director owned 68,413 shares in the company, valued at $5,795,949.36. This represents a 11.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,085,508 shares of company stock worth $378,798,933 in the last 90 days. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Allspring Global Investments Holdings LLC purchased a new position in Symbotic during the 3rd quarter worth $34,296,000. Amanah Holdings Trust purchased a new stake in shares of Symbotic in the second quarter valued at about $19,824,000. Franklin Resources Inc. lifted its position 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 valued at $14,777,000 after purchasing an additional 265,819 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Symbotic during the first quarter worth about $4,968,000. Finally, Handelsbanken Fonder AB grew its position in Symbotic by 626.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock worth $14,778,000 after purchasing an additional 236,435 shares in the last quarter.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.