Symbotic (NASDAQ:SYM) Trading 4.1% Higher – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 4.1% during mid-day trading on Wednesday . The company traded as high as $26.83 and last traded at $26.63. 1,214,552 shares were traded during mid-day trading, a decline of 26% from the average session volume of 1,636,751 shares. The stock had previously closed at $25.59.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SYM. Northland Securities upped their price target on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC dropped their price objective on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. UBS Group cut their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, BWS Financial reissued a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $40.71.

Symbotic Price Performance

The company has a market capitalization of $15.54 billion, a P/E ratio of -440.83 and a beta of 1.76. The business’s 50-day moving average price is $28.47 and its two-hundred day moving average price is $27.84.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Research analysts expect that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the transaction, the insider now owns 87,922 shares in the company, valued at approximately $2,529,515.94. This trade represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,844 shares of company stock worth $3,268,431. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. grew its position in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after buying an additional 379,726 shares during the last quarter. Millennium Management LLC boosted its stake in Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares in the last quarter. Finally, Thematics Asset Management grew its position in Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after acquiring an additional 242,661 shares during the last quarter.

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.