Symbotic (NASDAQ:SYM) Shares Gap Up to $22.41

Symbotic Inc. (NASDAQ:SYM) gapped up prior to trading on Tuesday . The stock had previously closed at $22.41, but opened at $23.03. Symbotic shares last traded at $22.86, with a volume of 152,144 shares traded.

Wall Street Analysts Forecast Growth

SYM has been the subject of several recent research reports. TD Cowen lowered their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. BWS Financial reissued a “sell” rating and set a $10.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. Craig Hallum decreased their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. KeyCorp reduced their price objective on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Finally, Robert W. Baird dropped their target price on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Performance

The firm has a market capitalization of $13.75 billion, a price-to-earnings ratio of -99.08 and a beta of 1.81. The business’s 50 day moving average is $26.63 and its 200-day moving average is $36.01.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $464.56 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 57.7% on a year-over-year basis. Equities research analysts forecast that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,593,212.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at $4,593,212.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at $890,794.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,909 shares of company stock worth $1,148,358. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its holdings in Symbotic by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after acquiring an additional 800 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Symbotic by 170.4% in the 4th quarter. Wells Fargo & Company MN now owns 171,585 shares of the company’s stock valued at $8,807,000 after purchasing an additional 108,126 shares during the last quarter. US Bancorp DE increased its position in Symbotic by 434.6% during the fourth quarter. US Bancorp DE now owns 13,344 shares of the company’s stock worth $685,000 after buying an additional 10,848 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Symbotic by 201.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,274 shares of the company’s stock valued at $887,000 after purchasing an additional 11,550 shares during the last quarter. Finally, Pingora Partners LLC bought a new stake in shares of Symbotic during the fourth quarter worth approximately $51,000.

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.