Symbotic (NASDAQ:SYM) Sees Strong Trading Volume - What's Next?

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 5,827,669 shares were traded during mid-day trading, an increase of 241% from the previous session's volume of 1,710,531 shares.The stock last traded at $37.15 and had previously closed at $31.16.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SYM. UBS Group reduced their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. BWS Financial restated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. The Goldman Sachs Group cut their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, Citigroup decreased their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $37.20.

Symbotic Trading Up 14.6%

The stock has a market capitalization of $21.05 billion, a PE ratio of -892.50, a PEG ratio of 54.08 and a beta of 1.95. The business's 50-day moving average is $25.50 and its two-hundred day moving average is $25.23.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. During the same period in the previous year, the company earned ($0.07) EPS. Symbotic's quarterly revenue was up 39.7% on a year-over-year basis. On average, analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 2,660 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $20.62, for a total value of $54,849.20. Following the transaction, the insider now directly owns 36,999 shares of the company's stock, valued at $762,919.38. This represents a 6.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 2,040 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total value of $45,369.60. Following the transaction, the insider now owns 23,822 shares of the company's stock, valued at approximately $529,801.28. This trade represents a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 44,601 shares of company stock valued at $1,092,430. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Walmart Inc. bought a new stake in shares of Symbotic in the 4th quarter valued at approximately $355,650,000. Vanguard Group Inc. boosted its holdings in Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after purchasing an additional 1,452,627 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after purchasing an additional 105,616 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Symbotic by 25.9% in the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after buying an additional 149,918 shares during the last quarter.

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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