Symbotic (NASDAQ:SYM) Trading 9.4% Higher – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s share price shot up 9.4% on Wednesday . The stock traded as high as $73.32 and last traded at $73.22. 3,209,640 shares changed hands during trading, an increase of 54% from the average session volume of 2,089,005 shares. The stock had previously closed at $66.95.

Analyst Ratings Changes

SYM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Robert W. Baird boosted their price target on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Northcoast Research cut shares of Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Finally, UBS Group reissued a “sell” rating and issued a $35.00 target price (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Six research analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.07.

Symbotic Stock Performance

The firm has a market capitalization of $35.31 billion, a P/E ratio of -398.00, a PEG ratio of 17.16 and a beta of 2.10. The firm’s 50-day moving average is $68.08 and its 200 day moving average is $52.49.

Symbotic (NASDAQ:SYM) last released its earnings results 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). The firm had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.Symbotic’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. As a group, research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other news, insider William M. Boyd III sold 11,735 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider owned 26,769 shares of the company’s stock, valued at $2,197,467.21. The trade was a 30.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Maria G. Freve sold 1,666 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $58.18, for a total transaction of $96,927.88. Following the transaction, the insider owned 544 shares of the company’s stock, valued at $31,649.92. The trade was a 75.38% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 85,508 shares of company stock worth $6,304,555. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently added to or reduced their stakes in SYM. MAI Capital Management lifted its stake in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Ameriflex Group Inc. increased its stake in shares of Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares during the last quarter. Strategic Advocates LLC bought a new stake in shares of Symbotic in the 3rd quarter valued at about $42,000. IAG Wealth Partners LLC acquired a new stake in Symbotic in the 2nd quarter valued at about $32,000. Finally, AdvisorNet Financial Inc bought a new position in Symbotic during the second quarter worth about $32,000.

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.