Symbotic (NASDAQ:SYM) Shares Up 1.1% - Here's What Happened

Key Points

• Symbotic Inc. shares rose by 1.1%, closing at $51.83, although trading volume significantly decreased by 77% compared to the average.
• Analysts have recently downgraded Symbotic's stock ratings, with Robert W. Baird and Deutsche Bank both changing their ratings to "hold" and setting price targets of $55.00 and $51.00, respectively.
• Symbotic reported a loss of $0.05 per share for the last quarter, falling short of analysts’ expectations, despite revenue increasing by 25.9% year-over-year.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shot up 1.1% on Tuesday . The company traded as high as $52.05 and last traded at $51.83. 456,999 shares traded hands during trading, a decline of 77% from the average session volume of 1,990,866 shares. The stock had previously closed at $51.24.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SYM shares. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research report on Thursday, August 7th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. Citigroup reissued a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Finally, Arete Research downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $42.69.

Symbotic Stock Up 0.4%

The firm has a fifty day moving average price of $43.57 and a two-hundred day moving average price of $30.90. The stock has a market capitalization of $30.33 billion, a P/E ratio of -734.81, a P/E/G ratio of 57.93 and a beta of 2.06.

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

Insider Activity

In related news, Director Daniela L. Rus sold 11,705 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total value of $690,595.00. Following the completion of the transaction, the director directly owned 11,024 shares of the company's stock, valued at approximately $650,416. This trade represents a 51.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 4,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $29.65, for a total transaction of $118,600.00. Following the completion of the sale, the director directly owned 189,036 shares in the company, valued at approximately $5,604,917.40. This represents a 2.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,241 shares of company stock worth $5,492,282 in the last quarter. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Walmart Inc. acquired a new position in shares of Symbotic during the 4th quarter worth about $355,650,000. JPMorgan Chase & Co. lifted its position in shares of Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after acquiring an additional 3,110,075 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Symbotic in the fourth quarter worth approximately $20,754,000. Amanah Holdings Trust purchased a new stake in shares of Symbotic during the second quarter worth approximately $19,824,000. Finally, Canada Pension Plan Investment Board acquired a new position in Symbotic in the 1st quarter valued at $4,968,000.

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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