Stock Traders Buy Large Volume of Symbotic Put Options (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the target of unusually large options trading activity on Tuesday. Stock investors purchased 45,225 put options on the stock. This represents an increase of approximately 434% compared to the typical daily volume of 8,475 put options.

Symbotic Trading Up 11.4 %

Shares of Symbotic stock traded up $2.55 during trading on Tuesday, hitting $24.96. 3,762,749 shares of the stock were exchanged, compared to its average volume of 1,590,161. The company has a fifty day moving average price of $26.63 and a 200-day moving average price of $36.01. The stock has a market capitalization of $14.59 billion, a price-to-earnings ratio of -99.08 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business’s revenue was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. Equities research analysts forecast that Symbotic will post -0.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SYM. Needham & Company LLC reduced their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Craig Hallum decreased their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Vertical Research assumed coverage on Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target on the stock. Citigroup decreased their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Northland Securities dropped their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and an average target price of $43.23.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 5,188 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the sale, the insider now directly owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $70,980.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $70,980. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the sale, the insider now owns 76,808 shares of the company’s stock, valued at approximately $2,725,915.92. The disclosure for this sale can be found here. Insiders have sold a total of 38,909 shares of company stock worth $1,148,358 in the last 90 days. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently made changes to their positions in the company. RiverPark Advisors LLC bought a new stake in shares of Symbotic in the first quarter valued at about $37,000. Pingora Partners LLC bought a new stake in Symbotic in the 4th quarter valued at about $51,000. RFP Financial Group LLC grew its position in shares of Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares in the last quarter. Quarry LP bought a new position in shares of Symbotic during the second quarter worth approximately $65,000. Finally, Natixis Investment Managers International bought a new position in shares of Symbotic during the first quarter worth approximately $90,000.

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.