Short Interest in Symbotic Inc. (NASDAQ:SYM) Expands By 23.0%

Symbotic Inc. (NASDAQ:SYM) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 16,040,000 shares, an increase of 23.0% from the November 15th total of 13,040,000 shares. Approximately 39.7% of the shares of the company are sold short. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is presently 6.5 days.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 63,867 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total value of $1,921,119.36. Following the completion of the transaction, the insider now owns 24,055 shares in the company, valued at $723,574.40. This represents a 72.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,745 shares of company stock worth $3,261,675 over the last 90 days. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the stock. Castleview Partners LLC grew its position in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Symbotic in the third quarter worth $49,000. RiverPark Advisors LLC grew its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after buying an additional 1,211 shares during the last quarter. RFP Financial Group LLC boosted its holdings in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the last quarter. Finally, Quest Partners LLC raised its position in shares of Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 shares during the period.

Analyst Ratings Changes

A number of research analysts recently commented on SYM shares. Needham & Company LLC cut their target price on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. Northland Securities raised their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. DA Davidson cut Symbotic from a “buy” rating to a “neutral” rating and cut their price objective for the company from $50.00 to $35.00 in a report on Wednesday, November 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.54.

Symbotic Stock Performance

Symbotic stock traded up $0.11 during midday trading on Monday, hitting $26.98. 2,307,293 shares of the company’s stock were exchanged, compared to its average volume of 1,807,975. Symbotic has a 52-week low of $17.11 and a 52-week high of $58.28. The stock has a 50-day moving average price of $29.55 and a two-hundred day moving average price of $29.30. The company has a market cap of $15.85 billion, a P/E ratio of -452.50 and a beta of 1.73.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the company posted ($0.08) EPS. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, sell-side analysts expect that Symbotic will post 0.12 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.