Symbotic (NASDAQ:SYM) Shares Gap Up to $17.86

Symbotic Inc. (NASDAQ:SYM) gapped up before the market opened on Wednesday . The stock had previously closed at $17.86, but opened at $18.32. Symbotic shares last traded at $18.03, with a volume of 84,878 shares.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SYM. Robert W. Baird cut their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Needham & Company LLC cut their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Citigroup dropped their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Performance

The stock has a 50-day simple moving average of $27.83 and a 200 day simple moving average of $36.56. The stock has a market capitalization of $11.05 billion, a P/E ratio of -78.75 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its quarterly 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 for the quarter, compared to analyst estimates 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 earned ($0.07) EPS. Equities analysts predict that Symbotic Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the transaction, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $70,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael David Dunn sold 5,188 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the sale, the insider now directly owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of SYM. Vanguard Group Inc. increased its position in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Blair William & Co. IL lifted its stake in shares of Symbotic by 418.1% in the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock valued at $1,501,000 after purchasing an additional 26,925 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Symbotic in the fourth quarter valued at $1,669,000. Comerica Bank boosted its stake in shares of Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after purchasing an additional 15,491 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in Symbotic during the fourth quarter worth about $2,568,000.

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.