Symbotic (NASDAQ:SYM) Stock Price Up 0.6%

Symbotic Inc. (NASDAQ:SYM)’s share price rose 0.6% during mid-day trading on Tuesday . The company traded as high as $38.29 and last traded at $37.38. Approximately 264,986 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,363,075 shares. The stock had previously closed at $37.17.

Analyst Ratings Changes

A number of equities analysts recently commented on SYM shares. Deutsche Bank Aktiengesellschaft raised their price target on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Craig Hallum lifted their price objective on Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a report on Tuesday, May 7th. Finally, Northland Securities boosted their price target on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.67.

Symbotic Price Performance

The business’s fifty day moving average price is $38.99 and its 200 day moving average price is $42.22. The stock has a market cap of $22.14 billion, a P/E ratio of -157.79 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The business had revenue of $424.30 million during the quarter, compared to analysts’ expectations of $415.98 million. On average, analysts predict that Symbotic Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Michael David Dunn sold 1,747 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now owns 74,032 shares in the company, valued at approximately $2,967,202.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $70,980. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael David Dunn sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now directly owns 74,032 shares in the company, valued at $2,967,202.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 149,958 shares of company stock worth $5,965,792. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the business. Van ECK Associates Corp bought a new stake in Symbotic in the fourth quarter valued at approximately $26,000. RiverPark Advisors LLC acquired a new position in shares of Symbotic in the 1st quarter worth approximately $37,000. Global Retirement Partners LLC boosted its stake in shares of Symbotic by 166.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares during the last quarter. Pingora Partners LLC acquired a new stake in shares of Symbotic during the fourth quarter worth $51,000. Finally, Centerpoint Advisors LLC acquired a new position in Symbotic in the fourth quarter valued at $62,000.

Symbotic Company Profile

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.