Symbotic (NASDAQ:SYM) Shares Up 3% – Here’s What Happened

Shares of Symbotic Inc. (NASDAQ:SYM) traded up 3% on Thursday . The company traded as high as $64.95 and last traded at $63.51. 1,521,349 shares changed hands during trading, a decline of 9% from the average session volume of 1,679,943 shares. The stock had previously closed at $61.65.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays boosted their target price on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research report on Monday, January 12th. TD Cowen reissued a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. The Goldman Sachs Group restated a “sell” rating and issued a $50.00 target price on shares of Symbotic in a research note on Thursday, January 15th. Finally, Northland Securities lifted their price target on Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $56.79.

Symbotic Trading Up 3.0%

The firm has a market cap of $37.57 billion, a PE ratio of -423.40, a PEG ratio of 17.91 and a beta of 2.13. The firm has a 50 day moving average price of $64.38 and a 200-day moving average price of $59.72.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The business had revenue of $618.46 million for the quarter, compared to analyst estimates of $604.00 million. During the same quarter in the prior year, the company earned $0.47 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, CTO James Kuffner sold 8,348 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $81.30, for a total value of $678,692.40. Following the transaction, the chief technology officer directly owned 30,640 shares of the company’s stock, valued at $2,491,032. This trade represents a 21.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the sale, the insider directly owned 5,590,000 shares in the company, valued at $297,443,900. This represents a 38.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over 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 insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the business. Palumbo Wealth Management LLC grew its position in Symbotic by 11.4% in the fourth quarter. Palumbo Wealth Management LLC now owns 5,676 shares of the company’s stock worth $338,000 after acquiring an additional 581 shares in the last quarter. Mayport LLC bought a new position in shares of Symbotic during the 4th quarter worth about $208,000. Barton Investment Management boosted its stake in Symbotic by 0.8% in the 4th quarter. Barton Investment Management now owns 30,658 shares of the company’s stock valued at $1,824,000 after buying an additional 233 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in Symbotic during the fourth quarter worth about $127,000. Finally, Western Financial Corp CA bought a new position in shares of Symbotic in the fourth 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.