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.
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.
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.
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