Symbotic (NASDAQ:SYM) Trading Up 3.4% – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 3.4% during mid-day trading on Monday . The company traded as high as $73.97 and last traded at $73.23. 1,201,173 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 1,828,669 shares. The stock had previously closed at $70.82.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SYM. Needham & Company LLC increased their price objective on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a research report on Sunday, November 30th. Barclays boosted their price objective on Symbotic from $41.00 to $42.00 and gave the company an “underweight” rating in a report on Monday. Northland Securities increased their target price on Symbotic from $56.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $47.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Symbotic has an average rating of “Hold” and a consensus price target of $56.57.

Symbotic Stock Up 3.4%

The stock has a market capitalization of $43.32 billion, a PE ratio of -488.20, a price-to-earnings-growth ratio of 20.09 and a beta of 2.13. The stock has a fifty day moving average of $64.89 and a 200-day moving average of $58.63.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.Symbotic’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 EPS. Equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other Symbotic news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares in the company, valued at $297,443,900. The trade was a 38.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider William M. Boyd III sold 15,000 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. The SEC filing for this sale provides additional information. Insiders have sold 7,082,623 shares of company stock valued at $378,631,920 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Symbotic by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock valued at $253,062,000 after purchasing an additional 98,384 shares in the last quarter. UBS Group AG lifted its position in Symbotic by 22.3% in the third quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after acquiring an additional 201,547 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Symbotic in the third quarter valued at $34,296,000. ARK Investment Management LLC boosted its stake in Symbotic by 32.4% in the third quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock valued at $31,795,000 after acquiring an additional 144,389 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Symbotic by 0.9% during the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock worth $21,419,000 after purchasing an additional 4,892 shares during the last quarter.

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.