Symbotic (NASDAQ:SYM) Trading 3.4% Higher

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 3.4% during mid-day trading on Wednesday . The stock traded as high as $24.87 and last traded at $24.69. 329,479 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 1,493,744 shares. The stock had previously closed at $23.87.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Northland Securities cut their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Citigroup cut their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Vertical Research assumed coverage on shares of Symbotic in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Price Performance

The company has a market cap of $14.54 billion, a P/E ratio of -102.87 and a beta of 1.86. The stock’s 50-day moving average is $32.18 and its two-hundred day moving average is $39.00.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. The firm’s revenue was up 57.7% on a year-over-year basis. On average, analysts predict that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Activity

In other news, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The disclosure for this sale can be found here. Insiders have sold 140,907 shares of company stock worth $5,181,203 in the last three months. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of large investors have recently made changes to their positions in SYM. Baillie Gifford & Co. bought a new stake in shares of Symbotic in the 1st quarter worth about $426,752,000. 1832 Asset Management L.P. grew its holdings in Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Vanguard Group Inc. grew its holdings in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC grew its holdings in Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after purchasing an additional 342,417 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.