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

Symbotic Inc. (NASDAQ:SYM)’s share price gapped up before the market opened on Monday after DA Davidson raised their price target on the stock from $47.00 to $50.00. The stock had previously closed at $38.78, but opened at $40.65. DA Davidson currently has a buy rating on the stock. Symbotic shares last traded at $38.55, with a volume of 400,504 shares.

Other equities analysts also recently issued research reports about the company. Craig Hallum lowered their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. KeyCorp increased their price target on Symbotic from $40.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Northland Securities raised their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Symbotic presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the transaction, the insider now 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 over the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Symbotic by 11.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after acquiring an additional 284 shares in the last quarter. California State Teachers Retirement System grew its position in Symbotic by 4.5% during the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after acquiring an additional 654 shares during the last quarter. Comerica Bank increased its holdings in Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after purchasing an additional 15,491 shares in the last quarter. Finally, Washington Harbour Partners LP raised its position in Symbotic by 45.6% in the first quarter. Washington Harbour Partners LP now owns 85,300 shares of the company’s stock valued at $3,838,000 after purchasing an additional 26,700 shares during the last quarter.

Symbotic Price Performance

The stock has a market capitalization of $14.05 billion, a P/E ratio of -384.50 and a beta of 1.81. The firm has a 50-day simple moving average of $28.98 and a 200 day simple moving average of $30.82.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same period last year, the company earned ($0.08) EPS. The firm’s revenue was up 47.2% compared to the same quarter last year. Sell-side analysts anticipate that Symbotic Inc. will post 0.2 earnings per share for the current fiscal year.

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.