Symbotic (NASDAQ:SYM) Sets New 12-Month High - What's Next?

Key Points

• Symbotic Inc. (NASDAQ:SYM) shares reached a new 52-week high at $55.44, signaling strong market performance with over 2.67 million shares traded.
• Analysts have varying ratings on the stock, with price targets ranging from a low of $10.00 to a high of $56.00, and an average target price of $39.94, indicating a Moderate Buy consensus.
• The company reported a 39.7% year-over-year revenue increase, though it missed earnings per share estimates, posting a loss of \(-$0.04\) for the last quarter.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $55.44 and last traded at $53.42, with a volume of 2678611 shares traded. The stock had previously closed at $54.08.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SYM shares. Arete Research upgraded shares of Symbotic to a "strong-buy" rating and set a $50.00 price objective for the company in a research report on Wednesday, June 25th. BWS Financial restated a "sell" rating and set a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. Northland Securities raised 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. Oppenheimer lifted their price target on shares of Symbotic from $35.00 to $54.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Finally, Citigroup reiterated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Symbotic presently has an average rating of "Moderate Buy" and an average target price of $39.94.

Symbotic Stock Down 0.8%

The business's 50 day simple moving average is $37.82 and its two-hundred day simple moving average is $28.90. The stock has a market cap of $31.24 billion, a P/E ratio of -1,324.75, a PEG ratio of 55.65 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. During the same period in the prior year, the firm earned ($0.07) EPS. The business's revenue for the quarter was up 39.7% compared to the same quarter last year. As a group, research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 2,660 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $48.86, for a total value of $129,967.60. Following the transaction, the insider owned 31,884 shares in the company, valued at $1,557,852.24. The trade was a 7.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.48, for a total transaction of $185,920.00. Following the completion of the transaction, the director owned 189,036 shares in the company, valued at approximately $8,786,393.28. The trade was a 2.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,871 shares of company stock worth $2,791,800. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in SYM. Walmart Inc. acquired a new stake in shares of Symbotic in the 4th quarter worth about $355,650,000. Vanguard Group Inc. raised its holdings in shares of Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after acquiring an additional 1,452,627 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Symbotic by 16.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after acquiring an additional 187,538 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after acquiring an additional 105,616 shares during the last quarter. Finally, Invesco Ltd. raised its holdings 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 acquiring 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.