Symbotic (NASDAQ:SYM) Stock Price Up 1.7%

Symbotic Inc. (NASDAQ:SYM)’s stock price rose 1.7% on Friday . The company traded as high as $40.61 and last traded at $40.21. Approximately 222,294 shares changed hands during trading, a decline of 84% from the average daily volume of 1,405,605 shares. The stock had previously closed at $39.55.

Analysts Set New Price Targets

SYM has been the subject of a number of research analyst reports. Northland Securities lifted their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Wednesday, February 7th. William Blair reiterated a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. Robert W. Baird reduced their price target on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. Finally, The Goldman Sachs Group reduced their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Price Performance

The firm’s 50-day moving average is $43.19 and its two-hundred day moving average is $44.21. The company has a market cap of $23.19 billion, a P/E ratio of -148.85 and a beta of 1.91.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The company had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. As a group, sell-side analysts expect that Symbotic Inc. will post -0.03 EPS for the current year.

Insider Activity

In related news, insider Michael David Dunn sold 7,051 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $45.00, for a total value of $317,295.00. Following the completion of the sale, the insider now directly owns 65,646 shares of the company’s stock, valued at $2,954,070. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Michael David Dunn sold 7,051 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $45.00, for a total value of $317,295.00. Following the completion of the sale, the insider now directly owns 65,646 shares of the company’s stock, valued at $2,954,070. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,108,673 shares of company stock valued at $275,394,824. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently modified their holdings of SYM. 1832 Asset Management L.P. increased its holdings in Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares during the period. Coatue Management LLC acquired a new position in Symbotic in the 4th quarter worth approximately $11,088,000. Hodges Capital Management Inc. acquired a new position in Symbotic in the 3rd quarter worth approximately $5,740,000. First Trust Advisors LP grew its stake in shares of Symbotic by 44.0% during the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after purchasing an additional 155,828 shares during the period. Finally, First Dallas Securities Inc. acquired a new stake in shares of Symbotic during the 3rd quarter worth approximately $3,784,000.

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.