Symbotic (NASDAQ:SYM) Stock Price Up 7.3%

Symbotic Inc. (NASDAQ:SYM) shares traded up 7.3% on Friday . The company traded as high as $23.20 and last traded at $22.95. 672,608 shares were traded during trading, a decline of 54% from the average session volume of 1,467,981 shares. The stock had previously closed at $21.39.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. Robert W. Baird lowered their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Northland Securities cut their price objective on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. KeyCorp lowered their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Finally, Citigroup cut their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Trading Up 2.4 %

The firm has a 50 day simple moving average of $32.97 and a 200 day simple moving average of $39.55. The firm has a market capitalization of $12.81 billion, a PE ratio of -95.63 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The business had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. Symbotic’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) EPS. Research analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Janet L. Cohen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $43.26, for a total value of $1,081,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Symbotic news, insider Michael David Dunn sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the sale, the insider now directly owns 70,832 shares of the company’s stock, valued at $3,118,024.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Janet L. Cohen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $43.26, for a total transaction of $1,081,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 167,107 shares of company stock worth $6,315,527. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp purchased a new stake in shares of Symbotic in the fourth quarter worth $26,000. RiverPark Advisors LLC bought a new position in shares of Symbotic during the first quarter worth $37,000. Global Retirement Partners LLC lifted its position in Symbotic by 166.7% during the first 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 bought a new position in Symbotic during the fourth quarter valued at $51,000. Finally, RFP Financial Group LLC lifted its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 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.