Symbotic (NASDAQ:SYM) Trading 3.2% Higher – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares rose 3.2% on Monday . The company traded as high as $59.99 and last traded at $59.8370. Approximately 463,655 shares traded hands during trading, a decline of 79% from the average daily volume of 2,178,936 shares. The stock had previously closed at $57.99.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SYM. The Goldman Sachs Group downgraded Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 price objective on the stock. in a report on Tuesday, December 2nd. DA Davidson restated a “neutral” rating and set a $47.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Oppenheimer reissued an “outperform” rating and set a $83.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. Finally, Northland Securities boosted their price target on Symbotic from $56.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $56.50.

Symbotic Price Performance

The company has a market capitalization of $35.13 billion, a P/E ratio of -396.13, a PEG ratio of 16.45 and a beta of 2.10. The stock’s fifty day simple moving average is $66.24 and its 200-day simple moving average is $56.06.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The business had revenue of $618.46 million during the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $84.72, for a total value of $762,480.00. Following the sale, the director owned 68,413 shares in the company, valued at approximately $5,795,949.36. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 4,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $71.00, for a total transaction of $284,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold 7,085,508 shares of company stock valued at $378,798,933 in the last ninety days. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the business. MAI Capital Management increased its stake in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the period. Ameriflex Group Inc. grew its stake in shares of Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. Strategic Advocates LLC bought a new stake in shares of Symbotic in the 3rd quarter valued at approximately $42,000. IAG Wealth Partners LLC acquired a new position in shares of Symbotic in the 2nd quarter worth approximately $32,000. Finally, AdvisorNet Financial Inc bought a new position in shares of Symbotic during the 2nd quarter worth approximately $32,000.

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.