Symbotic (NASDAQ:SYM) Shares Gap Up Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares gapped up before the market opened on Monday after DA Davidson raised their price target on the stock from $47.00 to $50.00. The stock had previously closed at $38.78, but opened at $40.65. DA Davidson currently has a buy rating on the stock. Symbotic shares last traded at $38.55, with a volume of 400,504 shares changing hands.

Several other brokerages have also commented on SYM. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. TD Cowen increased their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC increased their price objective on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. KeyCorp raised their target price on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total value of $47,920.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $47,920. This trade represents a 50.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 stock was 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. This trade represents 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 49,878 shares of company stock valued at $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new stake in shares of Symbotic during the 3rd quarter valued at approximately $1,029,000. Barclays PLC raised its position in shares of Symbotic by 1,105.9% during the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after buying an additional 8,571 shares during the period. TCW Group Inc. raised its position in shares of Symbotic by 0.8% during the 3rd quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after buying an additional 3,075 shares during the period. Sunbelt Securities Inc. raised its position in shares of Symbotic by 161.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after buying an additional 8,235 shares during the period. Finally, First Dallas Securities Inc. raised its position in shares of Symbotic by 61.2% during the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after buying an additional 12,300 shares during the period.

Symbotic Stock Performance

The stock has a market cap of $14.05 billion, a PE ratio of -384.50 and a beta of 1.81. The company’s 50-day moving average price is $28.98 and its 200 day moving average price is $30.82.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, equities research analysts predict that Symbotic Inc. will post 0.2 earnings per share for the current fiscal year.

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.