Symbotic (NASDAQ:SYM) Shares Gap Up on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYMGet Free Report) gapped up prior to trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $36.00 to $40.00. The stock had previously closed at $37.16, but opened at $48.00. The Goldman Sachs Group currently has a neutral rating on the stock. Symbotic shares last traded at $45.33, with a volume of 2,409,482 shares.

SYM has been the subject of a number of other research reports. KeyCorp boosted their target price on Symbotic from $50.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday. DA Davidson downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and increased their price objective for the company from $36.00 to $50.00 in a research report on Tuesday, August 1st. Craig Hallum increased their price target on Symbotic from $48.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Raymond James upped their price objective on Symbotic from $35.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Finally, William Blair cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $50.00.

Get Our Latest Analysis on SYM

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 5,558 shares of the business’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $31.21, for a total transaction of $173,465.18. Following the completion of the transaction, the insider now owns 96,114 shares in the company, valued at approximately $2,999,717.94. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Charles Kane sold 45,674 shares of Symbotic stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $39.65, for a total transaction of $1,810,974.10. Following the completion of the sale, the director now owns 87,982 shares of the company’s stock, valued at $3,488,486.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,558 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $31.21, for a total value of $173,465.18. Following the completion of the sale, the insider now owns 96,114 shares of the company’s stock, valued at approximately $2,999,717.94. The disclosure for this sale can be found here. Insiders sold 208,989 shares of company stock worth $8,239,504 over the last 90 days. Company insiders own 41.00% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently modified their holdings of the business. Softbank Group CORP. lifted its stake in shares of Symbotic by 1,000.0% during the 1st quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after purchasing an additional 20,000,000 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of Symbotic by 202.3% in the first quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after buying an additional 696,727 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Symbotic during the first quarter worth $13,024,000. FMR LLC grew its holdings in shares of Symbotic by 759.7% during the first quarter. FMR LLC now owns 383,593 shares of the company’s stock valued at $8,761,000 after buying an additional 338,975 shares during the last quarter. Finally, First Trust Advisors LP acquired a new position in shares of Symbotic in the 1st quarter valued at $6,538,000.

Symbotic Stock Performance

The stock has a 50 day moving average of $35.58 and a 200-day moving average of $38.78. The company has a market cap of $25.20 billion, a PE ratio of -95.28 and a beta of 1.79.

Symbotic (NASDAQ:SYMGet Free Report) last posted its quarterly earnings results on Monday, November 20th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The business had revenue of $391.89 million for the quarter, compared to analysts’ expectations of $306.89 million. Symbotic had a negative return on equity of 57.19% and a negative net margin of 2.25%. The business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) earnings per share. Equities research analysts forecast that Symbotic Inc. will post -0.36 EPS for the current year.

Symbotic Company Profile

(Get Free Report)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.

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