Symbotic (NASDAQ:SYM) Hits New 52-Week High - Here's Why

Key Points

• Symbotic Inc. (NASDAQ:SYM) reached a new 52-week high of $71.29 amid increased trading volume, closing recently at $68.42.
• Analyst ratings for Symbotic show strong interest, with seven "Buy" ratings, thirteen "Hold" ratings, and three "Sell" ratings, and an average target price of $44.61.
• The company reported a 25.9% increase in year-over-year revenue, totaling $592.12 million, although it missed earnings expectations with a reported EPS of ($0.05).

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $71.29 and last traded at $68.42, with a volume of 2252914 shares. The stock had previously closed at $67.84.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SYM. Northland Securities increased their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. DA Davidson reiterated a "neutral" rating and issued a $47.00 price target (up previously from $35.00) on shares of Symbotic in a report on Monday, August 25th. Oppenheimer raised their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $44.61.

Symbotic Trading Up 0.9%

The stock has a market capitalization of $40.40 billion, a P/E ratio of -977.29, a price-to-earnings-growth ratio of 13.15 and a beta of 2.06. The business has a fifty day simple moving average of $52.34 and a 200 day simple moving average of $38.40.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The company had revenue of $592.12 million for the quarter, compared to analysts' expectations of $533.55 million. During the same period in the previous year, the firm earned ($0.02) EPS. The firm's quarterly revenue was up 25.9% on a year-over-year basis. As a group, research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total value of $182,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 479,032 shares of company stock valued at $23,711,528 over the last 90 days. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after purchasing an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Symbotic during the 1st quarter worth $31,000. AdvisorNet Financial Inc purchased a new position in shares of Symbotic in the 2nd quarter worth about $32,000. IAG Wealth Partners LLC purchased a new position in shares of Symbotic in the 2nd quarter worth about $32,000. Finally, Gables Capital Management Inc. bought a new position in Symbotic during the second quarter valued at about $39,000.

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.

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