Symbotic Sees Unusually Large Options Volume (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the recipient of unusually large options trading on Tuesday. Stock traders purchased 30,765 put options on the company. This represents an increase of approximately 93% compared to the average volume of 15,949 put options.

Symbotic Stock Down 6.4%

NASDAQ:SYM opened at $66.18 on Wednesday. The stock’s fifty day moving average is $62.53 and its two-hundred day moving average is $47.61. The company has a market capitalization of $39.08 billion, a P/E ratio of -945.29, a P/E/G ratio of 11.91 and a beta of 2.10. Symbotic has a 52 week low of $16.32 and a 52 week high of $84.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SYM shares. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Arete cut Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th. Arete Research cut Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.61.

Insider Activity at Symbotic

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William M. Boyd III sold 11,735 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider directly owned 26,769 shares of the company’s stock, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 313,494 shares of company stock valued at $16,178,374 over the last 90 days. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of the company. Amanah Holdings Trust acquired a new stake in shares of Symbotic during the 2nd quarter worth about $19,824,000. Amundi grew its position in Symbotic by 53.0% during the 1st quarter. Amundi now owns 72,192 shares of the company’s stock worth $1,459,000 after purchasing an additional 24,993 shares during the last quarter. ARK Investment Management LLC raised its stake in Symbotic by 13.3% during the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after acquiring an additional 52,205 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Symbotic by 35.7% during the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock worth $1,224,000 after purchasing an additional 15,947 shares during the period. Finally, Freemont Management S.A. purchased a new stake in shares of Symbotic in the first quarter valued at about $1,479,000.

Symbotic Company Profile

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.