Symbotic (NASDAQ:SYM) Shares Gap Up – Here’s Why

Symbotic Inc. (NASDAQ:SYM) shares 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 changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SYM. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Arete Research lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research note on Wednesday, October 8th. Arete cut shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a research report on Friday, July 25th. Finally, UBS Group restated a “sell” rating and issued a $35.00 price objective (up from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $44.61.

Symbotic Trading Up 1.7%

The company has a market capitalization of $41.93 billion, a price-to-earnings ratio of -1,023.21, a price-to-earnings-growth ratio of 11.75 and a beta of 2.10. The stock’s fifty day simple moving average is $61.66 and its 200-day simple moving average is $46.95.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $76.75, for a total value of $307,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total value of $963,326.15. Following the completion of the transaction, the insider owned 26,769 shares of the company’s stock, valued at $2,197,467.21. The trade was a 30.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 433,494 shares of company stock valued at $22,365,874 in the last three months. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IAG Wealth Partners LLC acquired a new position in Symbotic in the second quarter valued at approximately $32,000. AdvisorNet Financial Inc acquired a new stake in Symbotic during the second quarter worth approximately $32,000. Gables Capital Management Inc. purchased a new stake in shares of Symbotic during the 2nd quarter worth approximately $39,000. Fifth Third Bancorp boosted its holdings in shares of Symbotic by 20,000.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock valued at $54,000 after buying an additional 1,000 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after buying an additional 573 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.