Symbotic (NASDAQ:SYM) Trading 5.3% Higher - Here's What Happened

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price was up 5.3% on Thursday . The stock traded as high as $36.97 and last traded at $36.74. Approximately 761,123 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,980,505 shares. The stock had previously closed at $34.91.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Arete assumed coverage on Symbotic in a report on Wednesday. They set a "buy" rating and a $50.00 target price for the company. The Goldman Sachs Group lowered their target price on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Citigroup lowered their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a report on Monday, April 14th. BWS Financial reaffirmed a "sell" rating and set a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. Finally, Arete Research raised Symbotic to a "strong-buy" rating and set a $50.00 target price for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $38.71.

Symbotic Trading Up 6.4%

The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of -929.00, a PEG ratio of 58.18 and a beta of 1.95. The firm has a 50-day moving average of $27.47 and a 200 day moving average of $25.61.

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

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 2,040 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.24, for a total transaction of $45,369.60. Following the completion of the transaction, the insider now directly owns 23,822 shares of the company's stock, valued at approximately $529,801.28. This trade represents a 7.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 2,455 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $31.07, for a total value of $76,276.85. Following the sale, the insider now directly owns 34,544 shares of the company's stock, valued at approximately $1,073,282.08. This represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,656 shares of company stock valued at $1,220,907. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently modified their holdings of the stock. Walmart Inc. bought a new stake in shares of Symbotic during the 4th quarter worth $355,650,000. Vanguard Group Inc. boosted its stake in shares of Symbotic by 41.3% during 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Symbotic by 16.2% during 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 in the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Symbotic by 12.1% in the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after purchasing an additional 105,616 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Symbotic by 25.9% in the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock valued at $17,258,000 after purchasing an additional 149,918 shares in the last quarter.

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.