Symbotic (NASDAQ:SYM) Shares Up 4.4% Following Analyst Upgrade

Shares of Symbotic Inc. (NASDAQ:SYM) shot up 4.4% during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. 1,717,947 shares traded hands during trading, an increase of 23% from the average session volume of 1,396,977 shares. The stock had previously closed at $41.94.

SYM has been the subject of several other research reports. Northland Securities increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price target on shares of Symbotic in a research note on Tuesday. KeyCorp dropped their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group dropped their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and a consensus price target of $55.77.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 72,032 shares of the company’s stock, valued at approximately $2,881,280. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $40.34, for a total value of $356,000.50. Following the sale, the insider now owns 23,012 shares in the company, valued at $928,304.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the insider now owns 72,032 shares of the company’s stock, valued at $2,881,280. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Baillie Gifford & Co. bought a new position in Symbotic during the first quarter worth about $426,752,000. Vanguard Group Inc. increased its holdings in shares of Symbotic by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock worth $106,819,000 after purchasing an additional 40,699 shares during the period. 1832 Asset Management L.P. raised its position in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Symbotic by 6.3% in the first quarter. Raymond James & Associates now owns 616,391 shares of the company’s stock valued at $27,738,000 after buying an additional 36,515 shares during the period. Finally, First Trust Advisors LP grew its position in Symbotic by 44.0% during the fourth quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after buying an additional 155,828 shares in the last quarter.

Symbotic Trading Up 10.9 %

The stock has a market cap of $26.83 billion, a P/E ratio of -172.22 and a beta of 1.97. The stock has a 50 day simple moving average of $43.12 and a 200 day simple moving average of $44.22.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating 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 business had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Equities analysts anticipate that Symbotic Inc. will post -0.03 earnings per share for the current 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.