Symbotic (NASDAQ:SYM) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Symbotic (NASDAQ:SYM) released its quarterly earnings results on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01, Zacks reports. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%.

Symbotic Stock Performance

Shares of NASDAQ:SYM traded up $0.62 during trading on Wednesday, hitting $30.92. 3,387,770 shares of the stock were exchanged, compared to its average volume of 2,423,633. The company has a market capitalization of $18.16 billion, a price-to-earnings ratio of -515.33, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79. Symbotic has a 1-year low of $17.11 and a 1-year high of $50.40. The company’s fifty day simple moving average is $26.97 and its 200-day simple moving average is $26.79.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 1,971 shares of Symbotic stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $30.00, for a total value of $59,130.00. Following the completion of the transaction, the insider now directly owns 22,301 shares of the company’s stock, valued at $669,030. The trade was a 8.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $5,145,425.44. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,952 shares of company stock worth $2,703,421. 0.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SYM shares. The Goldman Sachs Group cut their price objective on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of Symbotic in a report on Friday, January 17th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Thursday, January 23rd. UBS Group lowered their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.73.

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.