Symbotic (NASDAQ:SYM) Stock Price Up 2.2%

Symbotic Inc. (NASDAQ:SYM) shot up 2.2% during trading on Wednesday . The company traded as high as $42.37 and last traded at $41.79. 303,505 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 1,448,242 shares. The stock had previously closed at $40.88.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SYM. Northland Securities upped their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. Needham & Company LLC lowered 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. Finally, DA Davidson raised 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. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Symbotic has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Stock Down 0.3 %

The firm has a market capitalization of $23.07 billion, a PE ratio of -148.48 and a beta of 1.91. The company’s 50-day simple moving average is $43.77 and its 200 day simple moving average is $43.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. On average, sell-side analysts forecast that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 74,198 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $45.69, for a total transaction of $3,390,106.62. Following the transaction, the insider now owns 62,624 shares in the company, valued at approximately $2,861,290.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $51.50, for a total transaction of $103,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 74,198 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $45.69, for a total transaction of $3,390,106.62. Following the sale, the insider now owns 62,624 shares in the company, valued at $2,861,290.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,188,628 shares of company stock worth $279,026,777. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Softbank Group CORP. boosted its holdings in shares of Symbotic by 1,000.0% in the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after acquiring an additional 20,000,000 shares during the period. Frontier Capital Management Co. LLC boosted 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 valued at $23,780,000 after acquiring an additional 696,727 shares during the period. 1832 Asset Management L.P. boosted its holdings in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after acquiring an additional 690,900 shares during the period. FMR LLC boosted its holdings in shares of Symbotic by 759.7% in the first quarter. FMR LLC now owns 383,593 shares of the company’s stock valued at $8,761,000 after acquiring an additional 338,975 shares during the period. Finally, First Trust Advisors LP acquired a new stake in shares of Symbotic in the first quarter valued at approximately $6,538,000.

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.