Symbotic (NASDAQ:SYM) Trading 3.1% Higher After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s share price was up 3.1% during mid-day trading on Monday after Barclays raised their price target on the stock from $42.00 to $44.00. Barclays currently has an underweight rating on the stock. Symbotic traded as high as $51.48 and last traded at $50.97. Approximately 957,167 shares were traded during trading, a decline of 49% from the average daily volume of 1,874,566 shares. The stock had previously closed at $49.43.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC lifted their price objective on shares of Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Robert W. Baird raised their price target on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Northland Securities set a $73.00 price target on shares of Symbotic in a report on Thursday, February 5th. Finally, Wall Street Zen downgraded shares of Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $60.71.

Insider Buying and Selling at Symbotic

In other news, insider Maria G. Freve sold 8,306 shares of the company’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $55.11, for a total transaction of $457,743.66. Following the transaction, the insider owned 539 shares of the company’s stock, valued at $29,704.29. This represents a 93.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Boyd III sold 15,000 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 193,492 shares of company stock valued at $11,449,123 in the last quarter. Insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Centerpoint Advisors LLC raised its position in shares of Symbotic by 16.7% in the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after purchasing an additional 200 shares during the period. Federation des caisses Desjardins du Quebec boosted its holdings in shares of Symbotic by 5.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after acquiring an additional 224 shares during the period. Barton Investment Management raised its stake in shares of Symbotic by 0.8% during the 4th quarter. Barton Investment Management now owns 30,658 shares of the company’s stock valued at $1,824,000 after purchasing an additional 233 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Symbotic by 2.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock valued at $677,000 after purchasing an additional 236 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares in the last quarter.

Symbotic Stock Performance

The firm has a 50 day simple moving average of $58.33 and a 200 day simple moving average of $60.86. The firm has a market cap of $30.69 billion, a P/E ratio of -509.65, a P/E/G ratio of 4.96 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The company had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. The company’s quarterly revenue was up 29.4% on a year-over-year basis. Sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.