Symbotic (NASDAQ:SYM) Shares Up 9.5% - Here's What Happened

Key Points

• Symbotic Inc. shares increased by 9.5%, with a trading peak at $64.50, significantly higher than the previous close of $58.10.
• Analysts have mixed ratings for Symbotic, with seven issuing a Buy rating, while the overall consensus holds a "Hold" rating and a price target of $45.00.
• Despite a revenue rise of 25.9% year-over-year, Symbotic reported a loss per share of ($0.05), missing analyst expectations of $0.03.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 9.5% on Thursday . The stock traded as high as $64.50 and last traded at $63.62. Approximately 3,224,149 shares changed hands during mid-day trading, an increase of 63% from the average daily volume of 1,975,972 shares. The stock had previously closed at $58.10.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SYM shares. Citigroup reiterated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Northland Securities boosted their price target on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. UBS Group reissued a "sell" rating and issued a $35.00 price objective (up from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Zacks Research cut Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, Oppenheimer raised their target price on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $45.00.

Symbotic Stock Performance

The stock has a 50-day moving average of $51.29 and a 200-day moving average of $37.07. The firm has a market cap of $37.57 billion, a price-to-earnings ratio of -908.73 and a beta of 2.06.

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

Insider Activity

In other news, insider Maria G. Freve sold 2,000 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $51.93, for a total value of $103,860.00. Following the completion of the sale, the insider owned 1,312 shares of the company's stock, valued at approximately $68,132.16. This represents a 60.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Kane sold 25,000 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the sale, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 483,032 shares of company stock worth $23,897,448. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 valued at $27,155,000 after acquiring an additional 187,538 shares during the period. Raymond James Financial Inc. increased its position in shares of Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after acquiring an additional 105,616 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Symbotic by 18.0% in the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after buying an additional 104,068 shares during the period. TCW Group Inc. raised its stake in shares of Symbotic by 1.8% in the first quarter. TCW Group Inc. now owns 593,442 shares of the company's stock valued at $11,993,000 after buying an additional 10,487 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Symbotic by 0.9% in the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company's stock valued at $21,419,000 after purchasing an additional 4,892 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.

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