Symbotic (NASDAQ:SYM) Shares Up 1% - Here's What Happened

Key Points

• Symbotic Inc. shares increased by 1% during mid-day trading on Wednesday and were priced at $46.06, despite a significant drop in trading volume by 82% compared to its average session.
• Recent analyst reports have mixed ratings for Symbotic, with one brokerage downgrading the stock from "hold" to "sell," while others set target prices ranging from $47 to $56.
• Symbotic's latest quarterly earnings showed a revenue increase of 25.9% year-over-year, totaling $592.12 million, although the company reported a loss per share of ($0.05), missing analyst expectations.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares shot up 1% during mid-day trading on Wednesday . The stock traded as high as $46.40 and last traded at $46.06. 352,038 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,963,051 shares. The stock had previously closed at $45.59.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SYM. Wall Street Zen lowered Symbotic from a "hold" rating to a "sell" rating in a research note on Saturday. DA Davidson reaffirmed a "neutral" rating and set a $47.00 target price (up from $35.00) on shares of Symbotic in a report on Monday, August 25th. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Finally, Baird R W downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Symbotic currently has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Stock Performance

The company has a market capitalization of $26.83 billion, a price-to-earnings ratio of -648.84 and a beta of 2.05. The business has a 50 day moving average price of $49.15 and a 200-day moving average price of $33.08.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 30,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total value of $1,546,200.00. The disclosure for this sale can be found here. Insiders sold a total of 484,632 shares of company stock worth $23,837,791 over the last three months. Insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently modified their holdings of SYM. Amanah Holdings Trust purchased a new stake in shares of Symbotic in the second quarter worth approximately $19,824,000. Canada Pension Plan Investment Board purchased a new stake in shares of Symbotic in the first quarter worth approximately $4,968,000. ARK Investment Management LLC raised its stake in shares of Symbotic by 106.9% in the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after purchasing an additional 203,226 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Finally, Divisadero Street Capital Management LP bought a new position in shares of Symbotic in the fourth quarter valued at approximately $4,441,000.

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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