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

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $69.80, but opened at $75.37. Symbotic shares last traded at $72.8250, with a volume of 289,347 shares traded.

Analyst Ratings Changes

Several analysts have commented on SYM shares. Arete Research cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Citigroup reaffirmed a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Northcoast Research set a $65.00 price objective on Symbotic and gave the company a “buy” rating in a research note on Thursday, October 2nd. Barclays initiated coverage on Symbotic in a report on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 price objective for the company. Finally, Robert W. Baird lowered Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and an average price target of $44.61.

Symbotic Stock Up 1.7%

The business has a 50-day simple moving average of $61.66 and a 200-day simple moving average of $46.95. The company has a market cap of $41.93 billion, a PE ratio of -1,023.21, a P/E/G ratio of 11.75 and a beta of 2.10.

Insider Activity at Symbotic

In other news, major shareholder David A. Ladensohn sold 13,500 shares of the business’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $74.44, for a total transaction of $1,004,940.00. Following the completion of the sale, the insider owned 2,000 shares of the company’s stock, valued at $148,880. The trade was a 87.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maria G. Freve sold 662 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total transaction of $46,968.90. Following the completion of the transaction, the insider directly owned 1,312 shares in the company, valued at $93,086.40. This represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 433,494 shares of company stock worth $22,365,874 over the last 90 days. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Private Trust Co. NA increased its holdings in shares of Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock valued at $85,000 after purchasing an additional 200 shares during the last quarter. Centerpoint Advisors LLC increased its stake in shares of Symbotic by 16.7% in the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after acquiring an additional 200 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Symbotic by 4.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,627 shares of the company’s stock worth $357,000 after acquiring an additional 273 shares during the period. AlphaQuest LLC grew its holdings in shares of Symbotic by 12.9% in the third quarter. AlphaQuest LLC now owns 2,519 shares of the company’s stock valued at $136,000 after purchasing an additional 287 shares during the period. Finally, Bouvel Investment Partners LLC increased its position in Symbotic by 0.8% during the third quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company’s stock worth $2,397,000 after purchasing an additional 336 shares during the last quarter.

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.