Symbotic (NASDAQ:SYM) Shares Up 0.7%

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 0.7% during mid-day trading on Wednesday . The company traded as high as $41.14 and last traded at $40.53. 220,932 shares changed hands during trading, a decline of 84% from the average session volume of 1,415,316 shares. The stock had previously closed at $40.25.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SYM. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, February 7th. Robert W. Baird dropped their price target on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research report on Tuesday, February 6th. William Blair reiterated a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, The Goldman Sachs Group dropped their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Stock Performance

The company has a market cap of $23.34 billion, a price-to-earnings ratio of -149.22 and a beta of 1.91. The stock’s fifty day moving average is $43.42 and its two-hundred day moving average is $44.27.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The company had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. On average, equities research analysts expect that Symbotic Inc. will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,106,926 shares of company stock valued at $275,324,804. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Van ECK Associates Corp purchased a new position in shares of Symbotic in the fourth quarter valued at about $26,000. Providence Capital Advisors LLC bought a new stake in shares of Symbotic during the 3rd quarter valued at about $33,000. National Bank of Canada FI boosted its stake in shares of Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after purchasing an additional 400 shares in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares in the last quarter. Finally, Pingora Partners LLC bought a new stake in shares of Symbotic during the 4th quarter valued at about $51,000.

About Symbotic

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.