Symbotic (NASDAQ:SYM) Trading Up 9% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s share price shot up 9% during trading on Tuesday . The company traded as high as $32.05 and last traded at $32.43. 1,205,396 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 2,699,155 shares. The stock had previously closed at $29.76.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SYM. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Wednesday, November 27th. The Goldman Sachs Group cut their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, December 4th. Oppenheimer initiated coverage on shares of Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price objective for the company. Finally, Citigroup reaffirmed a “buy” rating and set a $37.00 target price on shares of Symbotic in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Stock Up 0.6 %

The business’s 50 day moving average is $27.87 and its 200 day moving average is $27.42. The company has a market cap of $19.68 billion, a P/E ratio of -558.33, a P/E/G ratio of 7.72 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, equities research analysts forecast that Symbotic Inc. will post 0.14 EPS for the current year.

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 13,114 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $32.19, for a total value of $422,139.66. Following the completion of the sale, the insider now owns 18,746 shares in the company, valued at $603,433.74. The trade was a 41.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,993 shares of company stock worth $3,490,555 in the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its position in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Millennium Management LLC raised its position in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after acquiring an additional 330,709 shares during the period. Thematics Asset Management lifted its holdings in Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after purchasing an additional 242,661 shares in the last quarter. Finally, Ensign Peak Advisors Inc grew its position in shares of Symbotic by 3,622.4% in the second quarter. Ensign Peak Advisors Inc now owns 193,678 shares of the company’s stock valued at $6,810,000 after purchasing an additional 188,475 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.