Symbotic (NASDAQ:SYM) Trading 1.3% Higher

Symbotic Inc. (NASDAQ:SYM) traded up 1.3% on Wednesday . The company traded as high as $32.83 and last traded at $32.18. 281,882 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,382,579 shares. The stock had previously closed at $31.77.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Northland Securities boosted their target price on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of Symbotic in a research report on Tuesday, May 7th. Craig Hallum lifted their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird lifted their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Finally, William Blair reiterated a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Stock Up 2.4 %

The stock has a market cap of $19.02 billion, a price-to-earnings ratio of -134.70 and a beta of 1.92. The business’s 50 day simple moving average is $39.92 and its 200 day simple moving average is $43.45.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.25. The company had revenue of $424.30 million for the quarter, compared to analyst estimates of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. Equities research analysts forecast that Symbotic Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Rollin L. Ford sold 49,998 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $37.29, for a total value of $1,864,425.42. Following the transaction, the director now owns 10,447 shares in the company, valued at approximately $389,568.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, Director Rollin L. Ford sold 49,998 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $37.29, for a total transaction of $1,864,425.42. Following the completion of the sale, the director now owns 10,447 shares in the company, valued at approximately $389,568.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $39.79, for a total transaction of $79,580.00. Following the sale, the director now owns 214,036 shares of the company’s stock, valued at approximately $8,516,492.44. The disclosure for this sale can be found here. Insiders have sold a total of 150,214 shares of company stock worth $6,030,760 in the last ninety days. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of the company. Barclays PLC boosted its holdings in shares of Symbotic by 195.5% in the 3rd quarter. Barclays PLC now owns 8,008 shares of the company’s stock worth $268,000 after buying an additional 5,298 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Symbotic by 3.0% in the 3rd quarter. Swiss National Bank now owns 33,800 shares of the company’s stock worth $1,130,000 after buying an additional 1,000 shares during the last quarter. UBS Group AG boosted its holdings in shares of Symbotic by 14.6% in the 3rd quarter. UBS Group AG now owns 110,951 shares of the company’s stock worth $3,709,000 after buying an additional 14,170 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Symbotic by 779.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,832 shares of the company’s stock worth $362,000 after buying an additional 9,600 shares during the last quarter. Finally, Dark Forest Capital Management LP boosted its holdings in shares of Symbotic by 51.9% in the 3rd quarter. Dark Forest Capital Management LP now owns 18,210 shares of the company’s stock worth $609,000 after buying an additional 6,219 shares during the last quarter.

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.