Symbotic (NASDAQ:SYM) Stock Price Up 4.8% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) shares shot up 4.8% on Friday . The stock traded as high as $82.20 and last traded at $80.95. 2,872,038 shares were traded during trading, an increase of 44% from the average session volume of 1,990,010 shares. The stock had previously closed at $77.26.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SYM. Citigroup reiterated a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Northland Securities increased their price objective on Symbotic from $35.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Needham & Company LLC upped their price target on Symbotic from $32.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Symbotic has an average rating of “Hold” and an average target price of $44.61.

Symbotic Trading Up 4.8%

The company has a market capitalization of $47.80 billion, a PE ratio of -1,156.26, a P/E/G ratio of 13.63 and a beta of 2.06. The stock has a fifty day simple moving average of $58.91 and a 200-day simple moving average of $44.85.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) earnings per share. As a group, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the firm’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $67.02, for a total transaction of $268,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 479,757 shares of company stock worth $24,645,751 over the last three months. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares during the last quarter. Raymond James Financial Inc. raised its position in Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock valued at $19,824,000 after purchasing an additional 105,616 shares during the last quarter. TCW Group Inc. raised its position in Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock valued at $11,993,000 after purchasing an additional 10,487 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Symbotic during the 3rd quarter worth $34,296,000. 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 valued at $21,419,000 after purchasing an additional 4,892 shares during the period.

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.