Symbotic (NASDAQ:SYM) Stock Price Up 2.1% - Here's What Happened

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price shot up 2.1% during trading on Thursday . The company traded as high as $48.39 and last traded at $48.14. 809,000 shares were traded during mid-day trading, a decline of 60% from the average session volume of 2,044,075 shares. The stock had previously closed at $47.16.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SYM shares. Citigroup reduced their price objective on Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Northland Securities increased their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday. Arete started coverage on shares of Symbotic in a research report on Wednesday, June 25th. They set a "buy" rating and a $50.00 price objective on the stock. The Goldman Sachs Group dropped their price objective 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, BWS Financial reissued a "sell" rating and set a $10.00 target price on shares of Symbotic in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.59.

Symbotic Stock Performance

The company's 50 day moving average price is $32.04 and its 200 day moving average price is $26.89. The company has a market cap of $27.75 billion, a price-to-earnings ratio of -1,176.50, a P/E/G ratio of 49.12 and a beta of 2.03.

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

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 4,628 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer owned 54,011 shares of the company's stock, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniela L. Rus sold 1,000 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $30.00, for a total transaction of $30,000.00. Following the sale, the director directly owned 26,435 shares in the company, valued at $793,050. This trade represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,616 shares of company stock valued at $1,326,437. Insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its holdings in Symbotic by 154.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock valued at $58,000 after purchasing an additional 1,490 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Symbotic by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 230,996 shares of the company's stock valued at $5,477,000 after acquiring an additional 11,922 shares in the last quarter. M&T Bank Corp lifted its position in Symbotic by 23.5% during the fourth quarter. M&T Bank Corp now owns 18,095 shares of the company's stock worth $429,000 after purchasing an additional 3,445 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Symbotic during the 4th quarter worth approximately $20,754,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Symbotic by 146.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company's stock worth $91,000 after buying an additional 2,275 shares in 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.