Symbotic (NASDAQ:SYM) Trading 1.4% Higher – Here’s What Happened

Shares of Symbotic Inc. (NASDAQ:SYM) rose 1.4% during mid-day trading on Friday . The stock traded as high as $61.09 and last traded at $59.00. Approximately 2,931,118 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 2,202,243 shares. The stock had previously closed at $58.19.

Analyst Ratings Changes

SYM has been the topic of several recent research reports. Oppenheimer restated an “outperform” rating and set a $83.00 target price on shares of Symbotic in a report on Tuesday, November 25th. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. UBS Group restated a “sell” rating and issued a $35.00 target price (up from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Finally, Needham & Company LLC upped their price objective on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Symbotic has a consensus rating of “Hold” and an average target price of $56.50.

Symbotic Stock Up 1.4%

The firm has a 50-day moving average price of $67.68 and a two-hundred day moving average price of $54.47. The company has a market capitalization of $34.90 billion, a P/E ratio of -393.33, a PEG ratio of 15.88 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million for the quarter, compared to analyst estimates of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. Symbotic’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 earnings per share. On average, analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $71.00, for a total transaction of $284,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Merline Saintil sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the transaction, the director directly owned 68,413 shares of the company’s stock, valued at approximately $5,795,949.36. This trade represents a 11.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,085,508 shares of company stock valued at $378,798,933 in the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SYM. MAI Capital Management increased its holdings in Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the period. AdvisorNet Financial Inc bought a new position in shares of Symbotic during the 2nd quarter worth about $32,000. IAG Wealth Partners LLC acquired a new stake in shares of Symbotic during the 2nd quarter valued at about $32,000. Ameriflex Group Inc. increased its stake in Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after acquiring an additional 660 shares during the period. Finally, Gables Capital Management Inc. bought a new stake in Symbotic in the second quarter valued at about $39,000.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.