Symbotic (NASDAQ:SYM) Trading Up 2.9% After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) was up 2.9% during mid-day trading on Wednesday after Craig Hallum raised their price target on the stock from $55.00 to $60.00. Craig Hallum currently has a buy rating on the stock. Symbotic traded as high as $48.14 and last traded at $47.84. Approximately 540,680 shares changed hands during trading, a decline of 62% from the average daily volume of 1,413,479 shares. The stock had previously closed at $46.50.

SYM has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Symbotic in a research note on Tuesday. The Goldman Sachs Group lowered their price objective on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. Robert W. Baird raised their price objective on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, KeyCorp reduced their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.69.

Insider Buying and Selling at Symbotic

In other news, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $40.34, for a total value of $356,000.50. Following the completion of the transaction, the insider now directly owns 23,012 shares in the company, valued at approximately $928,304.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider William M. Boyd III sold 8,825 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $40.34, for a total transaction of $356,000.50. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at approximately $928,304.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael David Dunn sold 1,747 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now owns 74,032 shares of the company’s stock, valued at $2,967,202.56. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 in the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp purchased a new position in Symbotic during the fourth quarter valued at $26,000. RiverPark Advisors LLC bought a new stake in shares of Symbotic during the first quarter valued at approximately $37,000. Providence Capital Advisors LLC purchased a new position in Symbotic in the 3rd quarter worth approximately $33,000. Pingora Partners LLC bought a new position in Symbotic in the 4th quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC boosted its stake in 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 purchasing an additional 660 shares during the last quarter.

Symbotic Stock Performance

The stock has a fifty day simple moving average of $43.30 and a 200 day simple moving average of $44.25. The firm has a market cap of $27.91 billion, a P/E ratio of -179.11 and a beta of 1.97.

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