Symbotic (NASDAQ:SYM) Shares Up 6.1%

Symbotic Inc. (NASDAQ:SYM) shares rose 6.1% during trading on Tuesday . The stock traded as high as $23.98 and last traded at $23.78. Approximately 731,054 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,571,784 shares. The stock had previously closed at $22.41.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SYM shares. Northland Securities lowered their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. The Goldman Sachs Group dropped their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Finally, BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Trading Up 9.8 %

The stock has a market capitalization of $14.39 billion, a price-to-earnings ratio of -99.08 and a beta of 1.81. The company has a fifty day moving average of $26.63 and a two-hundred day moving average of $36.01.

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

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now owns 23,012 shares in the company, valued at $890,794.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares in the company, valued at $4,013,175. The disclosure for this sale can be found here. Insiders sold a total of 38,909 shares of company stock worth $1,148,358 over the last 90 days. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of SYM. Quarry LP bought a new stake in Symbotic in the 2nd quarter valued at $65,000. Sunbelt Securities Inc. lifted its holdings in shares of Symbotic by 2,215.9% in the second quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company’s stock valued at $179,000 after purchasing an additional 4,875 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after acquiring an additional 679 shares in the last quarter. Millennium Management LLC increased its position in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after acquiring an additional 330,709 shares during the last quarter. Finally, Marathon Capital Management raised its stake in Symbotic by 8.0% in the 2nd quarter. Marathon Capital Management now owns 42,055 shares of the company’s stock valued at $1,479,000 after acquiring an additional 3,115 shares during the period.

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.