Symbotic Inc. (NASDAQ:SYM) Sees Significant Increase in Short Interest

Symbotic Inc. (NASDAQ:SYM – Get Rating) saw a large increase in short interest in February. As of February 15th, there was short interest totalling 469,300 shares, an increase of 15.1% from the January 31st total of 407,800 shares. Currently, 3.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 250,200 shares, the short-interest ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SYM shares. Robert W. Baird set a $18.00 target price on Symbotic in a report on Tuesday, November 22nd. Needham & Company LLC boosted their target price on Symbotic from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, January 31st. DA Davidson set a $20.00 target price on Symbotic in a report on Thursday, November 24th. Citigroup lowered their target price on Symbotic from $21.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, November 22nd. Finally, The Goldman Sachs Group boosted their target price on Symbotic from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, January 31st. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and an average target price of $19.00.

Symbotic Stock Performance

SYM opened at $16.40 on Friday. Symbotic has a one year low of $8.75 and a one year high of $28.48. The stock has a market capitalization of $9.11 billion, a PE ratio of -2.80 and a beta of 1.14. The business’s 50 day moving average price is $14.84 and its 200 day moving average price is $12.93.

Symbotic (NASDAQ:SYM – Get Rating) last announced its earnings results on Monday, January 30th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07). The firm had revenue of $206.30 million during the quarter, compared to analysts’ expectations of $193.70 million. Symbotic had a negative net margin of 6.08% and a negative return on equity of 148.57%. The firm’s revenue for the quarter was up 167.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($4.88) EPS. As a group, equities research analysts forecast that Symbotic will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 20,579 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $16.98, for a total transaction of $349,431.42. Following the completion of the sale, the insider now directly owns 195,891 shares in the company, valued at approximately $3,326,229.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders sold 51,511 shares of company stock worth $838,029. Corporate insiders own 41.00% of the company’s stock.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. SB Global Advisers Ltd purchased a new stake in Symbotic in the second quarter valued at approximately $219,400,000. Saba Capital Management L.P. increased its position in shares of Symbotic by 458.4% during the third quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock worth $27,779,000 after acquiring an additional 2,291,828 shares during the period. Navis Wealth Advisors LLC increased its position in shares of Symbotic by 2.6% during the third quarter. Navis Wealth Advisors LLC now owns 754,698 shares of the company’s stock worth $8,679,000 after acquiring an additional 19,310 shares during the period. Raymond James & Associates increased its position in shares of Symbotic by 670.6% during the fourth quarter. Raymond James & Associates now owns 178,636 shares of the company’s stock worth $2,133,000 after acquiring an additional 155,456 shares during the period. Finally, BlackRock Inc. increased its position in shares of Symbotic by 325.5% during the third quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock worth $1,958,000 after acquiring an additional 130,213 shares during the period. Hedge funds and other institutional investors own 57.76% of the company’s stock.

About Symbotic

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.