Symbotic (NASDAQ:SYM) Trading 2.9% Higher on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares rose 2.9% during trading on Wednesday after Craig Hallum raised their price target on the stock from $55.00 to $60.00. Craig Hallum currently has a buy rating on the stock. Symbotic traded as high as $48.14 and last traded at $47.84. 540,680 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,413,479 shares. The stock had previously closed at $46.50.

Several other equities analysts have also recently weighed in on SYM. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft increased their price objective on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. DA Davidson raised 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. KeyCorp lowered their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. Finally, Northland Securities lifted their target price on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and a consensus target price of $55.69.

Insider Transactions at Symbotic

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Michael David Dunn sold 2,000 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 72,032 shares of the company’s stock, valued at $2,881,280. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,110,447 shares of company stock worth $275,410,529. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in shares of Symbotic by 195.5% in the 3rd quarter. Barclays PLC now owns 8,008 shares of the company’s stock worth $268,000 after purchasing an additional 5,298 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Symbotic in the third quarter valued at approximately $545,000. LPL Financial LLC boosted its holdings in shares of Symbotic by 578.0% in the 3rd quarter. LPL Financial LLC now owns 102,059 shares of the company’s stock worth $3,412,000 after acquiring an additional 87,006 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Symbotic by 176.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock worth $2,525,000 after acquiring an additional 48,214 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Symbotic during the 3rd quarter valued at $1,101,000.

Symbotic Stock Performance

The company has a 50-day simple moving average of $43.30 and a 200-day simple moving average of $44.25. The stock has a market cap of $27.91 billion, a P/E ratio of -179.11 and a beta of 1.97.

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