Symbotic (NASDAQ:SYM) Stock Price Up 4.9% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) rose 4.9% during trading on Monday . The stock traded as high as $53.97 and last traded at $52.60. Approximately 1,583,476 shares were traded during trading, a decline of 13% from the average daily volume of 1,827,582 shares. The stock had previously closed at $50.12.

Analyst Upgrades and Downgrades

SYM has been the topic of several research reports. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $50.00 price objective on shares of Symbotic in a report on Thursday, January 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a report on Thursday, January 22nd. Northland Securities set a $73.00 price target on Symbotic in a report on Thursday, February 5th. Finally, TD Cowen reiterated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Symbotic currently has an average rating of “Hold” and a consensus price target of $60.71.

Symbotic Stock Performance

The company’s 50 day simple moving average is $55.74 and its 200-day simple moving average is $61.02. The firm has a market capitalization of $32.13 billion, a PE ratio of -533.55, a PEG ratio of 5.27 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The firm had revenue of $629.99 million for the quarter, compared to analysts’ expectations of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, equities 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 business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 193,492 shares of company stock worth $11,449,123. 8.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Centerpoint Advisors LLC lifted its holdings in shares of Symbotic by 16.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after acquiring an additional 200 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its stake in Symbotic by 5.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock valued at $267,000 after acquiring an additional 224 shares during the last quarter. 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 acquiring an additional 233 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock worth $677,000 after purchasing an additional 236 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares in the last quarter.

Symbotic Company Profile

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.