Symbotic (NASDAQ:SYM) Trading Up 4.4% Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 4.4% during mid-day trading on Tuesday after Robert W. Baird raised their price target on the stock from $52.00 to $53.00. Robert W. Baird currently has an outperform rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. 1,717,947 shares were traded during mid-day trading, an increase of 23% from the average session volume of 1,396,977 shares. The stock had previously closed at $41.94.

SYM has been the subject of a number of other reports. KeyCorp decreased their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, February 6th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, February 7th. Northland Securities upped their target price on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group dropped their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.08.

Insider Activity

In other Symbotic news, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the transaction, the director now owns 62,312 shares in the company, valued at approximately $2,787,838.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Merline Saintil sold 3,135 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $44.74, for a total transaction of $140,259.90. Following the sale, the director now owns 62,312 shares of the company’s stock, valued at $2,787,838.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at $928,304.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. acquired a new stake in shares of Symbotic in the first quarter worth approximately $426,752,000. 1832 Asset Management L.P. boosted its holdings in shares of Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Zevenbergen Capital Investments LLC grew its stake in shares of Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after buying an additional 342,417 shares during the period. Coatue Management LLC acquired a new stake in shares of Symbotic during the 4th quarter worth $11,088,000. Finally, Hodges Capital Management Inc. acquired a new position in Symbotic in the third quarter valued at $5,740,000.

Symbotic Price Performance

The stock has a market cap of $25.68 billion, a PE ratio of -162.22 and a beta of 1.97. The stock has a 50-day simple moving average of $43.01 and a 200-day simple moving average of $44.19.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. As a group, equities research analysts anticipate that Symbotic Inc. will post -0.03 EPS for the current year.

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.