Symbotic (NASDAQ:SYM) Trading 2.2% Higher

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price shot up 2.2% during trading on Thursday . The company traded as high as $39.42 and last traded at $39.28. 159,265 shares were traded during trading, a decline of 88% from the average session volume of 1,377,715 shares. The stock had previously closed at $38.42.

Analysts Set New Price Targets

A number of brokerages recently commented on SYM. William Blair reiterated a "market perform" rating on shares of Symbotic in a research report on Tuesday, February 6th. Robert W. Baird reduced their price objective on Symbotic from $54.00 to $52.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 6th. DA Davidson raised Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Wednesday, February 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Finally, Northland Securities raised their target price on Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 10th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.00.

Symbotic Trading Up 4.1 %

The company has a market capitalization of $23.07 billion, a PE ratio of -148.07 and a beta of 1.97. The stock has a fifty day simple moving average of $42.97 and a 200-day simple moving average of $44.21.

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

Insider Activity

In other news, insider William M. Boyd III sold 8,825 shares of the business's stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $40.34, for a total value of $356,000.50. Following the completion of the sale, the insider now directly owns 23,012 shares of the company's stock, valued at approximately $928,304.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, insider Michael David Dunn sold 1,747 shares of the company's stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the completion of the sale, the insider now directly owns 74,032 shares of the company's stock, valued at approximately $2,967,202.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,825 shares of the company's stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $40.34, for a total value of $356,000.50. Following the sale, the insider now directly owns 23,012 shares of the company's stock, valued at $928,304.08. The disclosure for this sale can be found here. In the last three months, insiders sold 7,110,447 shares of company stock valued at $275,433,529. Insiders own 38.30% of the company's stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Van ECK Associates Corp acquired a new position in Symbotic during the 4th quarter worth approximately $26,000. Providence Capital Advisors LLC acquired a new position in Symbotic during the 3rd quarter worth approximately $33,000. Pingora Partners LLC acquired a new stake in shares of Symbotic in the 4th quarter worth approximately $51,000. Global Retirement Partners LLC grew its holdings in shares of Symbotic by 166.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company's stock worth $48,000 after acquiring an additional 660 shares during the period. Finally, Centerpoint Advisors LLC acquired a new stake in shares of Symbotic in the 4th quarter worth approximately $62,000.

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.