Symbotic (NASDAQ:SYM) Trading 3% Higher – Here’s Why

Symbotic Inc. (NASDAQ:SYM) shares rose 3% during mid-day trading on Thursday . The company traded as high as $64.95 and last traded at $63.51. Approximately 1,521,349 shares were traded during trading, a decline of 9% from the average daily volume of 1,679,943 shares. The stock had previously closed at $61.65.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SYM shares. Northland Securities raised their price target on Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, November 25th. DA Davidson restated a “neutral” rating and set a $47.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. TD Cowen reissued a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Needham & Company LLC raised their price target on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Finally, Oppenheimer restated an “outperform” rating and issued a $83.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.79.

Symbotic Stock Performance

The stock has a market capitalization of $37.57 billion, a P/E ratio of -423.40, a PEG ratio of 17.91 and a beta of 2.13. The business has a 50-day moving average price of $64.38 and a 200 day moving average price of $59.72.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. During the same quarter last year, the firm posted $0.47 earnings per share. The company’s revenue was up 9.5% compared to the same quarter last year. As a group, research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider William M. Boyd III sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the sale, the director directly owned 68,413 shares of the company’s stock, valued at approximately $5,795,949.36. This represents a 11.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 7,066,463 shares of company stock worth $377,427,267. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in SYM. Palumbo Wealth Management LLC lifted its stake in shares of Symbotic by 11.4% in the 4th quarter. Palumbo Wealth Management LLC now owns 5,676 shares of the company’s stock worth $338,000 after acquiring an additional 581 shares during the period. Mayport LLC acquired a new stake in shares of Symbotic during the 4th quarter worth about $208,000. Barton Investment Management increased its stake in Symbotic by 0.8% in the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock valued at $1,824,000 after purchasing an additional 233 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in Symbotic during the fourth quarter worth approximately $127,000. Finally, Western Financial Corp CA acquired a new position in shares of Symbotic in the 4th quarter valued at about $941,000.

About Symbotic

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.