Symbotic (NASDAQ:SYM) Shares Gap Up After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares gapped up prior to trading on Tuesday after KeyCorp raised their price target on the stock from $40.00 to $48.00. The stock had previously closed at $30.56, but opened at $37.93. KeyCorp currently has an overweight rating on the stock. Symbotic shares last traded at $39.42, with a volume of 3,511,022 shares trading hands.

SYM has been the topic of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Friday, October 11th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. TD Cowen reduced their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Citigroup dropped their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, Needham & Company LLC raised their price target on Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Insider Transactions at Symbotic

In other news, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares of the company’s stock, valued at approximately $2,529,515.94. The trade was a 1.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,878 shares of company stock valued at $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. raised its holdings in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the period. Finally, Millennium Management LLC raised its stake in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares during the period.

Symbotic Trading Up 27.7 %

The firm has a 50 day moving average price of $27.00 and a two-hundred day moving average price of $31.09. The firm has a market capitalization of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period last year, the business earned ($0.08) EPS. The firm’s revenue for the quarter was up 47.2% compared to the same quarter last year. As a group, research analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current year.

Symbotic Company Profile

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.