Symbotic (NASDAQ:SYM) Stock Price Up 1.1% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares traded up 1.1% during trading on Monday . The stock traded as high as $84.00 and last traded at $81.83. 3,722,863 shares traded hands during mid-day trading, an increase of 87% from the average session volume of 1,995,182 shares. The stock had previously closed at $80.95.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Friday, July 25th. Needham & Company LLC boosted their price target on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Northland Securities boosted their price target on Symbotic from $35.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Finally, Citigroup reiterated a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $44.61.

Symbotic Stock Up 1.1%

The stock has a market cap of $48.32 billion, a PE ratio of -1,168.83, a P/E/G ratio of 13.63 and a beta of 2.10. The business has a 50 day moving average price of $58.91 and a 200 day moving average price of $45.03.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The company had revenue of $592.12 million during the quarter, compared to analysts’ expectations of $533.55 million. During the same quarter in the previous year, the company earned ($0.02) EPS. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, major shareholder David A. Ladensohn sold 13,500 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $74.44, for a total transaction of $1,004,940.00. Following the completion of the transaction, the insider directly owned 2,000 shares of the company’s stock, valued at $148,880. This represents a 87.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Maria G. Freve sold 662 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total value of $46,968.90. Following the transaction, the insider owned 1,312 shares in the company, valued at $93,086.40. This trade represents a 33.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 469,464 shares of company stock valued at $24,076,393. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Wealth Enhancement Advisory Services LLC increased its holdings in Symbotic by 11.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,285 shares of the company’s stock worth $268,000 after acquiring an additional 1,357 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Symbotic by 21.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 15,658 shares of the company’s stock worth $316,000 after acquiring an additional 2,737 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company’s stock worth $348,000 after acquiring an additional 3,024 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock valued at $1,224,000 after acquiring an additional 15,947 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Symbotic by 19.3% in the first quarter. Envestnet Asset Management Inc. now owns 22,118 shares of the company’s stock valued at $447,000 after acquiring an additional 3,576 shares in 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.