Symbotic (NASDAQ:SYM) Shares Up 1.9% – What’s Next?

Shares of Symbotic Inc. (NASDAQ:SYM) traded up 1.9% during trading on Wednesday . The company traded as high as $55.28 and last traded at $53.96. 1,108,524 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 1,989,226 shares. The stock had previously closed at $52.94.

Wall Street Analysts Forecast Growth

SYM has been the topic of several research reports. Oppenheimer lifted their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Arete Research downgraded shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Northcoast Research set a $65.00 target price on Symbotic and gave the stock a “buy” rating in a report on Thursday, October 2nd. Finally, Needham & Company LLC increased their target price on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $44.41.

Symbotic Price Performance

The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of -770.75, a P/E/G ratio of 9.58 and a beta of 2.10. The stock has a fifty day moving average of $63.65 and a two-hundred day moving average of $48.87.

Insider Buying and Selling

In other news, major shareholder David A. Ladensohn sold 13,500 shares of the firm’s stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $74.44, for a total transaction of $1,004,940.00. Following the completion of the transaction, the insider directly owned 2,000 shares in the company, valued at $148,880. This trade represents a 87.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Maria G. Freve sold 662 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total value of $46,968.90. Following the completion of the sale, the insider owned 1,312 shares in the company, valued at $93,086.40. The trade was a 33.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 286,494 shares of company stock worth $14,884,014. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of SYM. Bank of New York Mellon Corp boosted its position in Symbotic by 35.7% during the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock valued at $1,224,000 after acquiring an additional 15,947 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Symbotic by 19.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 22,118 shares of the company’s stock valued at $447,000 after purchasing an additional 3,576 shares during the period. CWM LLC boosted its position in shares of Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock valued at $53,000 after purchasing an additional 2,090 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Symbotic during the 1st quarter valued at about $1,901,000. Finally, Pinnacle Associates Ltd. acquired a new stake in Symbotic during the first quarter worth approximately $349,000.

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.