Symbotic (NASDAQ:SYM) Trading Up 3.4%

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 3.4% during trading on Wednesday . The stock traded as high as $24.87 and last traded at $24.69. 329,479 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,493,744 shares. The stock had previously closed at $23.87.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of research reports. BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, July 30th. Robert W. Baird dropped their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Needham & Company LLC cut their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Finally, Citigroup cut their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Trading Up 4.9 %

The company’s fifty day simple moving average is $31.63 and its 200 day simple moving average is $38.78. The firm has a market capitalization of $13.66 billion, a P/E ratio of -97.33 and a beta of 1.86.

Symbotic (NASDAQ:SYM) last released 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). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. During the same period in the prior year, the company earned ($0.07) earnings per share. The firm’s quarterly revenue was up 57.7% compared to the same quarter last year. On average, analysts predict that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Rollin L. Ford sold 49,998 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $37.29, for a total transaction of $1,864,425.42. Following the sale, the director now directly owns 10,447 shares in the company, valued at approximately $389,568.63. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Rollin L. Ford sold 49,998 shares of Symbotic stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $37.29, for a total value of $1,864,425.42. Following the completion of the sale, the director now directly owns 10,447 shares in the company, valued at $389,568.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the transaction, the insider now owns 76,808 shares in the company, valued at approximately $2,725,915.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,907 shares of company stock worth $3,136,703. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. RFP Financial Group LLC lifted its holdings in Symbotic by 21.2% during the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after purchasing an additional 242 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after buying an additional 284 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after buying an additional 400 shares during the period. Natixis Advisors L.P. increased its stake in Symbotic by 4.3% in the 4th quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after buying an additional 456 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new position in shares of Symbotic in the fourth quarter valued at about $26,000.

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.