Symbotic (NASDAQ:SYM) Shares Up 3% Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) was up 3% on Tuesday 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 $52.53 and last traded at $52.51. Approximately 848,956 shares were traded during trading, a decline of 54% from the average daily volume of 1,849,332 shares. The stock had previously closed at $50.97.

A number of other brokerages also recently weighed in on SYM. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a research note on Thursday, January 22nd. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. DA Davidson lifted their price target on shares of Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Citigroup restated an “outperform” rating on shares of Symbotic in a research note on Thursday, February 5th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $60.71.

Insiders Place Their Bets

In other news, Director Rollin L. Ford sold 60,000 shares of Symbotic stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total value of $3,450,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $47.70, for a total value of $95,400.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 193,492 shares of company stock valued at $11,449,123 over the last quarter. Company insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. MAI Capital Management raised its holdings in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the last quarter. IAG Wealth Partners LLC bought a new stake in shares of Symbotic during the second quarter worth approximately $32,000. Parkside Financial Bank & Trust grew its holdings in Symbotic by 100.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares during the period. Quarry LP bought a new stake in shares of Symbotic during the 4th quarter valued at $36,000. Finally, Parallel Advisors LLC lifted its stake in shares of Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares during the period.

Symbotic Price Performance

The business has a 50 day moving average of $57.97 and a 200 day moving average of $60.90. The firm has a market capitalization of $31.62 billion, a price-to-earnings ratio of -525.05, a PEG ratio of 5.11 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data 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). The firm had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm’s revenue was up 29.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS. As a group, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current 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.