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

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Northland Securities set a $73.00 price target on Symbotic in a research note on Thursday, February 5th. Northcoast Research lowered Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Oppenheimer reissued an “outperform” rating and set a $83.00 target price on shares of Symbotic in a research note on Tuesday, November 25th. Wall Street Zen downgraded Symbotic from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Barclays increased their price objective on shares of Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a report on Monday, March 16th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four 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 $60.71.

Symbotic Price Performance

The stock has a 50-day moving average price of $56.78 and a two-hundred day moving average price of $60.99. The stock has a market cap of $31.67 billion, a PE ratio of -525.95, a price-to-earnings-growth ratio of 5.02 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last posted its 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). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm had revenue of $629.99 million during the quarter, compared to analysts’ expectations of $622.58 million. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. Symbotic’s quarterly revenue was up 29.4% on a year-over-year basis. Equities research analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other news, CTO James Kuffner sold 3,669 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total value of $208,545.96. Following the sale, the chief technology officer directly owned 151,061 shares in the company, valued at $8,586,307.24. The trade was a 2.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were 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 ninety days, insiders sold 193,492 shares of company stock worth $11,449,123. Company insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in shares of 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in 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 during the period. KBC Group NV purchased a new position in Symbotic during the 2nd quarter valued at $66,000. PNC Financial Services Group Inc. grew its position in Symbotic by 7.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company’s stock valued at $247,000 after acquiring an additional 422 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Symbotic by 0.9% in the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock worth $21,419,000 after purchasing an additional 4,892 shares during the period.

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.