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

Key Points

• Symbotic Inc. shares reached a new 52-week high of $72.11 during trading, up from a previous closing price of $63.76, indicating strong market performance.
• Analyst ratings show mixed sentiments, with seven analysts rating the stock as a Buy, whereas thirteen rated it a Hold and three as a Sell.
• Despite reporting revenue of $592.12 million, the company missed earnings expectations with a loss of ($0.05) EPS, leading to a negative net margin and return on equity.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $72.11 and last traded at $70.51, with a volume of 1953441 shares changing hands. The stock had previously closed at $63.76.

Analyst Ratings Changes

Several analysts recently weighed in on SYM shares. Northcoast Research set a $65.00 target price on shares of Symbotic and gave the company a "buy" rating in a report on Thursday, October 2nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Symbotic in a research report on Wednesday, October 8th. DA Davidson reiterated a "neutral" rating and set a $47.00 target price (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Robert W. Baird downgraded shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research note on Thursday, August 7th. Finally, Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of "Hold" and a consensus target price of $44.61.

Symbotic Trading Up 10.6%

The business has a 50 day moving average of $53.47 and a 200-day moving average of $39.78. The stock has a market cap of $41.64 billion, a PE ratio of -1,007.14, a P/E/G ratio of 12.36 and a beta of 2.06.

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

Insider Buying and Selling

In related news, insider William M. Boyd III sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the transaction, the insider owned 31,884 shares of the company's stock, valued at $1,881,156. This trade represents a 43.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total value of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares in the company, valued at approximately $748,125.99. This represents a 86.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 474,666 shares of company stock valued at $23,978,967 in the last quarter. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Large investors have recently modified their holdings of the stock. Amanah Holdings Trust purchased a new stake in shares of Symbotic during the second quarter worth approximately $19,824,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Symbotic by 21.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after acquiring an additional 3,024 shares in the last quarter. Amundi boosted its holdings in shares of Symbotic by 53.0% in the first quarter. Amundi now owns 72,192 shares of the company's stock valued at $1,459,000 after acquiring an additional 24,993 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after acquiring an additional 15,947 shares in the last quarter. Finally, Freemont Management S.A. purchased a new stake in shares of Symbotic in the first quarter valued at about $1,479,000.

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.

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