Symbotic (NASDAQ:SYM) Trading 1.4% Higher - Here's Why

Key Points

• Symbotic Inc. (NASDAQ:SYM) shares rose 1.4% to $48.65, although trading volume saw a significant decline of 80% from the average volume.
• Wall Street analysts have mixed opinions on the stock, with price targets recently raised by firms like Northland Securities and Needham, while Zacks Research downgraded it to a "strong sell."
• The company reported a quarterly loss of ($0.05) EPS, missing expectations, but revenue increased by 25.9% year-over-year to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) was up 1.4% on Wednesday . The stock traded as high as $49.00 and last traded at $48.65. Approximately 394,010 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,980,125 shares. The stock had previously closed at $47.99.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SYM. Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research report on Friday, July 25th. Finally, Wall Street Zen cut shares of Symbotic from a "hold" rating to a "sell" rating in a research report on Saturday. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Symbotic currently has a consensus rating of "Hold" and a consensus target price of $43.44.

Symbotic Trading Down 3.9%

The firm has a market cap of $28.01 billion, a price-to-earnings ratio of -677.47 and a beta of 2.06. The stock's 50 day moving average is $48.59 and its 200 day moving average is $32.81.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its earnings results 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 return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the company earned ($0.02) EPS. The business's revenue for the quarter was up 25.9% on a year-over-year basis. On average, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity

In other news, Director Charles Kane sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the completion of the sale, the director owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 484,632 shares of company stock worth $23,837,791. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Amanah Holdings Trust bought a new position in Symbotic in the 2nd quarter valued at approximately $19,824,000. Canada Pension Plan Investment Board acquired a new stake in Symbotic in the first quarter worth $4,968,000. ARK Investment Management LLC grew its holdings in 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 buying an additional 187,538 shares during the last quarter. Finally, Divisadero Street Capital Management LP acquired a new position in shares of Symbotic during the fourth quarter valued at about $4,441,000.

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.