Symbotic (NASDAQ:SYM) Shares Up 2.2%

Symbotic Inc. (NASDAQ:SYM) shot up 2.2% during trading on Wednesday . The stock traded as high as $42.37 and last traded at $41.79. 303,505 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 1,448,242 shares. The stock had previously closed at $40.88.

Analysts Set New Price Targets

Several brokerages recently commented on SYM. KeyCorp reduced their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. Robert W. Baird reduced their price objective on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Price Performance

The firm has a market capitalization of $24.14 billion, a price-to-earnings ratio of -154.78 and a beta of 1.91. The business’s 50-day moving average price is $43.77 and its 200 day moving average price is $44.01.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. As a group, sell-side analysts expect that Symbotic Inc. will post -0.02 earnings per share for the current year.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Symbotic news, insider Michael David Dunn sold 74,198 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $45.69, for a total transaction of $3,390,106.62. Following the completion of the sale, the insider now owns 62,624 shares in the company, valued at $2,861,290.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Insiders have sold 7,188,628 shares of company stock valued at $279,026,777 over the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its position in Symbotic by 23.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,232 shares of the company’s stock valued at $53,000 after buying an additional 232 shares in the last quarter. Taylor Frigon Capital Management LLC lifted its holdings in Symbotic by 0.5% in the 3rd quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock valued at $2,125,000 after acquiring an additional 336 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Symbotic by 3.0% in the 3rd quarter. California State Teachers Retirement System now owns 13,641 shares of the company’s stock valued at $456,000 after acquiring an additional 399 shares during the last quarter. National Bank of Canada FI lifted its holdings in Symbotic by 66.7% in the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after acquiring an additional 400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after acquiring an additional 400 shares during the last quarter.

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.