Symbotic (NASDAQ:SYM) Shares Gap Up After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) gapped up prior to trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. The stock had previously closed at $41.94, but opened at $47.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic shares last traded at $46.96, with a volume of 843,759 shares.

SYM has been the subject of a number of other research reports. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Robert W. Baird boosted their target price on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. KeyCorp decreased their price target on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Symbotic in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and a consensus price target of $55.77.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now owns 72,032 shares in the company, valued at approximately $2,881,280. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the sale, the insider now directly owns 72,032 shares of the company’s stock, valued at approximately $2,881,280. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock worth $275,410,529 over the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp purchased a new position in Symbotic in the fourth quarter worth $26,000. Providence Capital Advisors LLC purchased a new position in shares of Symbotic in the 3rd quarter worth about $33,000. RiverPark Advisors LLC bought a new position in shares of Symbotic during the 1st quarter valued at about $37,000. Global Retirement Partners LLC raised its holdings in shares of Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after buying an additional 660 shares in the last quarter. Finally, Pingora Partners LLC bought a new stake in Symbotic in the 4th quarter worth approximately $51,000.

Symbotic Price Performance

The company has a 50 day simple moving average of $43.12 and a 200-day simple moving average of $44.22. The firm has a market cap of $26.83 billion, a PE ratio of -172.22 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. On average, sell-side analysts predict that Symbotic Inc. will post -0.03 EPS for the current fiscal year.

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.