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

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares rose 2.9% 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. Approximately 540,680 shares changed 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.

A number of other research analysts also recently commented on SYM. Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $57.00 to $58.00 and gave the stock a "buy" rating in a research note on Tuesday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Northland Securities raised their price target 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. KeyCorp reduced their price objective on Symbotic from $63.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, February 6th. Finally, Robert W. Baird boosted their price target on Symbotic from $52.00 to $53.00 and gave the stock an "outperform" rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.69.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the business'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 completion of the sale, the insider now directly owns 23,012 shares of the company's stock, valued at $928,304.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider William M. Boyd III sold 8,825 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $40.34, for a total transaction of $356,000.50. Following the transaction, the insider now owns 23,012 shares of the company's stock, valued at approximately $928,304.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. Insiders sold 7,110,447 shares of company stock valued at $275,410,529 in the last three months. Corporate insiders own 38.30% of the company's stock.

Institutional Trading of Symbotic

Several hedge funds have recently added to or reduced their stakes in the business. Avantax Advisory Services Inc. boosted its stake in shares of Symbotic by 48.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company's stock valued at $438,000 after purchasing an additional 3,160 shares in the last quarter. Swiss National Bank increased its holdings in shares of Symbotic by 3.4% during the first quarter. Swiss National Bank now owns 33,000 shares of the company's stock worth $1,485,000 after buying an additional 1,100 shares in the last quarter. Zevenbergen Capital Investments LLC raised its stake in shares of Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company's stock valued at $16,253,000 after acquiring an additional 342,417 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of Symbotic in the 1st quarter worth approximately $366,000. Finally, Retirement Planning Co of New England Inc. bought a new stake in Symbotic during the 1st quarter worth approximately $754,000.

Symbotic Trading Up 4.0 %

The firm has a fifty 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 price-to-earnings ratio of -179.11 and a beta of 1.97.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share 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 for the quarter, compared to analyst estimates of $370.28 million. On average, equities analysts predict that Symbotic Inc. will post -0.03 earnings per share for the current fiscal year.

Symbotic Company Profile

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.