Symbotic (NASDAQ:SYM) Trading 9.2% Higher – Here’s Why

Symbotic Inc. (NASDAQ:SYM) shares rose 9.2% on Friday . The stock traded as high as $39.86 and last traded at $39.60. Approximately 1,155,522 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 1,615,177 shares. The stock had previously closed at $36.27.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SYM shares. Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. TD Cowen dropped their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Citigroup decreased their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Price Performance

The firm has a market capitalization of $22.71 billion, a P/E ratio of -646.42 and a beta of 1.81. The firm has a 50-day moving average price of $28.43 and a two-hundred day moving average price of $31.13.

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

Insider Activity

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total transaction of $49,340.55. Following the transaction, the insider now directly owns 87,922 shares in the company, valued at $2,529,515.94. This represents a 1.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,878 shares of company stock valued at $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Vanguard Group Inc. boosted its position in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Symbotic by 191.5% in the second 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 during the last quarter. Comerica Bank grew its stake in Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 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.