Symbotic (NASDAQ:SYM) Sees Unusually-High Trading Volume – What’s Next?

Symbotic Inc. (NASDAQ:SYM) saw strong trading volume on Friday . 1,608,710 shares were traded during mid-day trading, an increase of 1% from the previous session’s volume of 1,597,479 shares.The stock last traded at $31.49 and had previously closed at $27.51.

Analysts Set New Price Targets

Several research firms have commented on SYM. The Goldman Sachs Group reduced their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. TD Cowen cut their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Friday, September 27th. Northland Securities dropped their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

The company’s fifty day simple moving average is $22.24 and its 200-day simple moving average is $33.66. The firm has a market capitalization of $17.11 billion, a PE ratio of -125.33 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company’s quarterly revenue was up 57.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.07) earnings per share. As a group, equities research analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael David Dunn sold 5,266 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Todd Krasnow sold 17,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $21.46, for a total transaction of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $4,593,212.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now directly owns 85,224 shares in the company, valued at $2,029,183.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,987 shares of company stock valued at $1,066,559. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently bought and sold shares of the stock. RFP Financial Group LLC boosted its position in Symbotic by 21.2% during the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock worth $62,000 after purchasing an additional 242 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after purchasing an additional 284 shares during the period. California State Teachers Retirement System raised its position in shares of Symbotic by 4.5% during the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after purchasing an additional 654 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Symbotic by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after acquiring an additional 800 shares during the last quarter.

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.