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

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

Analysts Set New Price Targets

SYM has been the topic of several recent analyst reports. Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Barclays boosted their price target on shares of Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a research report on Wednesday, November 26th. The Goldman Sachs Group lowered shares of Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 price objective for the company. in a report on Tuesday, December 2nd. Citigroup lifted their target price on shares of Symbotic from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Finally, Northland Securities increased 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 research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $56.50.

Symbotic Price Performance

The firm 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 company’s 50 day moving average price is $66.24 and its 200 day moving average price is $56.06.

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

Insiders Place Their Bets

In related news, Director Merline Saintil sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $84.72, for a total transaction of $762,480.00. Following the completion of the sale, the director directly owned 68,413 shares of the company’s stock, valued at $5,795,949.36. The trade was a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder David A. Ladensohn sold 23,000 shares of the stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $66.75, for a total transaction of $1,535,250.00. Following the completion of the transaction, the insider owned 5,000 shares in the company, valued at $333,750. This represents a 82.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,085,508 shares of company stock valued at $378,798,933 over the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP boosted its position in shares of Symbotic by 504.2% in the 3rd quarter. Allworth Financial LP now owns 2,000 shares of the company’s stock worth $108,000 after purchasing an additional 1,669 shares during the last quarter. IFP Advisors Inc lifted its stake in Symbotic by 96.4% in the third quarter. IFP Advisors Inc now owns 1,516 shares of the company’s stock valued at $82,000 after buying an additional 744 shares during the period. Strategic Advocates LLC bought a new position in Symbotic during the third quarter worth about $42,000. CIBC Private Wealth Group LLC grew its position in shares of Symbotic by 209.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,846 shares of the company’s stock worth $99,000 after buying an additional 1,250 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Symbotic in the 3rd quarter valued at about $315,000.

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.