Traders Purchase Large Volume of Put Options on Symbotic (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the recipient of some unusual options trading on Monday. Stock investors acquired 16,764 put options on the company. This represents an increase of approximately 258% compared to the average daily volume of 4,689 put options.

Symbotic Price Performance

Shares of SYM stock opened at $47.28 on Tuesday. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $47.98. The stock’s 50-day moving average is $30.54 and its two-hundred day moving average is $26.46. The firm has a market cap of $27.88 billion, a P/E ratio of -1,182.00, a PEG ratio of 79.85 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm had revenue of $549.65 million for the quarter, compared to analysts’ expectations of $522.36 million. During the same period last year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 39.7% on a year-over-year basis. As a group, research analysts expect that Symbotic will post 0.13 EPS for the current year.

Insider Activity

In other news, Director Daniela L. Rus sold 1,000 shares of Symbotic stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $30.00, for a total value of $30,000.00. Following the completion of the transaction, the director owned 26,435 shares in the company, valued at approximately $793,050. This trade represents a 3.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer owned 54,011 shares of the company’s stock, valued at approximately $1,221,728.82. The trade was a 7.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,616 shares of company stock worth $1,140,517 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in shares of Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after purchasing an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC acquired a new position in Symbotic in the 1st quarter valued at approximately $31,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Symbotic in the 4th quarter valued at approximately $47,000. CWM LLC raised its holdings in Symbotic by 408.2% in the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock valued at $53,000 after acquiring an additional 2,090 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in Symbotic by 318.5% in the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company’s stock valued at $57,000 after acquiring an additional 2,131 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SYM. Arete Research raised Symbotic to a “strong-buy” rating and set a $50.00 price target on the stock in a report on Wednesday, June 25th. Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. BWS Financial reiterated a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group lowered their price target on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Finally, Arete initiated coverage on Symbotic in a research report on Wednesday, June 25th. They set a “buy” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $38.71.

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.