Symbotic (NASDAQ:SYM) Trading Up 4.9%

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 4.9% on Monday . The stock traded as high as $22.22 and last traded at $22.18. 450,658 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,568,013 shares. The stock had previously closed at $21.14.

Analysts Set New Price Targets

Several research firms have weighed in on SYM. Robert W. Baird decreased their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Vertical Research began coverage on Symbotic in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price objective on the stock. The Goldman Sachs Group reduced their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Craig Hallum reduced their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Up 8.7 %

The company has a 50 day simple moving average of $26.92 and a two-hundred day simple moving average of $36.13. The company has a market capitalization of $13.43 billion, a P/E ratio of -94.08 and a beta of 1.81.

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

Insider Buying and Selling

In other news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction on Monday, August 5th. The stock was sold at an average price of $21.46, for a total value of $364,820.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $4,593,212.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,593,212.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the transaction, the insider now directly owns 74,808 shares in the company, valued at $2,992,320. The disclosure for this sale can be found here. Insiders have sold 38,909 shares of company stock valued at $1,148,358 in the last ninety days. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. increased its holdings in Symbotic by 12.4% in the 2nd quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after acquiring an additional 1,177,578 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Symbotic by 8.4% during the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after purchasing an additional 51,712 shares in the last quarter.

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.