Symbotic (NASDAQ:SYM) Trading Up 2.4%

Symbotic Inc. (NASDAQ:SYM)’s share price was up 2.4% on Monday . The stock traded as high as $18.64 and last traded at $18.42. Approximately 315,190 shares were traded during trading, a decline of 80% from the average daily volume of 1,553,254 shares. The stock had previously closed at $17.99.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SYM shares. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, July 30th. Craig Hallum cut their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. TD Cowen cut their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. KeyCorp cut their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Finally, Citigroup cut their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Price Performance

The stock’s 50-day moving average price is $27.83 and its 200 day moving average price is $36.56. The firm has a market cap of $11.33 billion, a P/E ratio of -78.75 and a beta of 1.81.

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 firm 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. As a group, analysts forecast that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Michael David Dunn sold 1,895 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,909 shares of company stock worth $1,148,358. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. acquired a new position in shares of Symbotic in the first quarter valued at approximately $426,752,000. 1832 Asset Management L.P. increased its stake 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 buying an additional 690,900 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Vanguard Group Inc. increased its stake in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the period. Finally, Zevenbergen Capital Investments LLC increased its stake in shares of Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after buying an additional 342,417 shares during the period.

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.