Symbotic (NASDAQ:SYM) Stock Price Up 3.6% – What’s Next?

Shares of Symbotic Inc. (NASDAQ:SYM) shot up 3.6% on Tuesday . The stock traded as high as $56.58 and last traded at $56.30. 1,173,082 shares traded hands during trading, a decline of 43% from the average session volume of 2,073,889 shares. The stock had previously closed at $54.35.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. 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 research report on Tuesday, November 25th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. UBS Group set a $70.00 price target on Symbotic in a report on Wednesday, February 18th. Wall Street Zen upgraded Symbotic from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, DA Davidson increased their target price on Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and an average target price of $60.57.

Symbotic Price Performance

The company has a market capitalization of $33.90 billion, a price-to-earnings ratio of -562.94, a price-to-earnings-growth ratio of 5.39 and a beta of 2.13. The business has a fifty day moving average price of $60.56 and a 200 day moving average price of $60.52.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). The company had revenue of $629.99 million during the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) EPS. Research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In related news, Director Rollin L. Ford sold 60,000 shares of the business’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. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO James Kuffner sold 77,321 shares of Symbotic stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $59.76, for a total transaction of $4,620,702.96. Following the completion of the transaction, the chief technology officer directly owned 144,982 shares in the company, valued at $8,664,124.32. This represents a 34.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,204,212 shares of company stock valued at $385,123,962 over the last 90 days. Corporate insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after buying an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Symbotic by 15.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after acquiring an additional 11,098 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Symbotic in the 2nd quarter worth approximately $5,504,000. Teacher Retirement System of Texas bought a new position in shares of Symbotic during the second quarter valued at $284,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Symbotic by 57.7% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 36,527 shares of the company’s stock worth $1,419,000 after buying an additional 13,369 shares during the last quarter.

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.