Symbotic (NASDAQ:SYM) Stock Price Up 11.8% - What's Next?

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares shot up 11.8% on Thursday . The stock traded as high as $46.75 and last traded at $47.17. 2,352,797 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 2,013,893 shares. The stock had previously closed at $42.20.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SYM. Arete Research upgraded shares of Symbotic to a "strong-buy" rating and set a $50.00 target price for the company in a report on Wednesday, June 25th. Arete started coverage on shares of Symbotic in a research report on Wednesday, June 25th. They issued a "buy" rating and a $50.00 price objective on the stock. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. BWS Financial restated a "sell" rating and set a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Symbotic currently has an average rating of "Moderate Buy" and an average price target of $38.71.

Symbotic Stock Up 13.0%

The company has a market capitalization of $28.13 billion, a price-to-earnings ratio of -1,193.88, a P/E/G ratio of 66.13 and a beta of 2.03. The company's 50 day simple moving average is $29.00 and its two-hundred day simple moving average is $25.96.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The business's revenue was up 39.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) EPS. Analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 2,455 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $31.07, for a total value of $76,276.85. Following the sale, the insider directly owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $29.65, for a total value of $118,600.00. Following the transaction, the director owned 189,036 shares of the company's stock, valued at approximately $5,604,917.40. This represents a 2.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,616 shares of company stock valued at $1,175,537. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently added to or reduced their stakes in SYM. GAMMA Investing LLC lifted its position in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after acquiring an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC acquired a new stake in Symbotic during the 1st quarter worth $31,000. IFP Advisors Inc grew its holdings in shares of Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock worth $32,000 after buying an additional 503 shares in the last quarter. Private Trust Co. NA acquired a new stake in shares of Symbotic in the fourth quarter valued at about $47,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Symbotic in the fourth quarter worth about $47,000.

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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