Symbotic (NASDAQ:SYM) Shares Gap Up – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $26.77, but opened at $32.51. Symbotic shares last traded at $31.50, with a volume of 4,681,543 shares trading hands.

Analysts Set New Price Targets

SYM has been the subject of a number of recent analyst reports. UBS Group cut their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. TD Cowen boosted their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group cut their price objective on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Trading Down 6.5 %

The stock has a fifty day simple moving average of $27.96 and a 200-day simple moving average of $27.55. The company has a market capitalization of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS 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 6.49%. The company had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The firm’s revenue was up 47.2% on a year-over-year basis. As a group, equities research analysts predict that Symbotic Inc. will post 0.12 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider Michael David Dunn sold 5,365 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $24.60, for a total value of $131,979.00. Following the transaction, the insider now owns 31,860 shares of the company’s stock, valued at approximately $783,756. The trade was a 14.41 % 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, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,844 shares of company stock worth $3,268,431. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its stake 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. Thematics Asset Management boosted its position in shares of Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC grew its stake 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 purchasing an additional 379,726 shares during the period. Canada Pension Plan Investment Board increased its holdings 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 in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after purchasing an additional 46,721 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.