Symbotic (NASDAQ:SYM) Trading 9.4% Higher – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s stock price rose 9.4% during mid-day trading on Wednesday . The stock traded as high as $73.32 and last traded at $73.22. Approximately 3,209,640 shares traded hands during mid-day trading, an increase of 54% from the average daily volume of 2,089,005 shares. The stock had previously closed at $66.95.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of recent research reports. DA Davidson reiterated a “neutral” rating and set a $47.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. Northland Securities raised their price target on shares of Symbotic from $56.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. Northcoast Research lowered shares of Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Citigroup upped their price objective on shares of Symbotic from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Finally, UBS Group reaffirmed a “sell” rating and issued a $35.00 target price (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $56.07.

Symbotic Price Performance

The company’s 50-day moving average is $67.35 and its 200-day moving average is $52.07. The firm has a market capitalization of $43.31 billion, a price-to-earnings ratio of -488.13, a PEG ratio of 24.20 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The company had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. Sell-side analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $82.09, for a total value of $963,326.15. Following the transaction, the insider owned 26,769 shares in the company, valued at approximately $2,197,467.21. This trade represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO James Kuffner sold 8,348 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $81.30, for a total value of $678,692.40. Following the sale, the chief technology officer directly owned 30,640 shares of the company’s stock, valued at approximately $2,491,032. This trade represents a 21.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 81,508 shares of company stock worth $6,020,555. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors have recently modified their holdings of the company. Amanah Holdings Trust purchased a new stake in shares of Symbotic during the 2nd quarter valued at about $19,824,000. ARK Investment Management LLC boosted its holdings in Symbotic by 13.3% in the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock worth $17,308,000 after acquiring an additional 52,205 shares during the period. Amundi grew its position in Symbotic by 53.0% in the first quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after acquiring an additional 24,993 shares in the last quarter. Hunter Associates Investment Management LLC purchased a new stake in shares of Symbotic during the second quarter valued at approximately $361,000. Finally, Prospera Financial Services Inc acquired a new position in shares of Symbotic during the second quarter worth $861,000.

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.