Symbotic (NASDAQ:SYM) Trading 3.1% Higher - Here's Why

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price rose 3.1% during trading on Tuesday . The company traded as high as $49.84 and last traded at $49.03. Approximately 922,547 shares changed hands during trading, a decline of 55% from the average daily volume of 2,055,105 shares. The stock had previously closed at $47.54.

Wall Street Analyst Weigh In

SYM has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Citigroup restated a "buy" rating on shares of Symbotic in a report on Monday. Northland Securities lifted their price target on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. BWS Financial restated a "sell" rating and issued a $10.00 price target on shares of Symbotic in a report on Wednesday, April 2nd. Finally, Arete Research upgraded Symbotic to a "strong-buy" rating and set a $50.00 price target for the company in a report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $40.24.

Symbotic Stock Performance

The stock has a market cap of $32.16 billion, a PE ratio of -1,363.50, a PEG ratio of 56.44 and a beta of 2.03. The stock has a fifty day simple moving average of $35.33 and a two-hundred day simple moving average of $27.98.

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 company 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 firm's revenue was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) EPS. On average, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, Director Daniela L. Rus sold 2,706 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $132,594.00. Following the transaction, the director directly owned 23,729 shares of the company's stock, valued at $1,162,721. This represents a 10.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total value of $1,225,000.00. Following the completion of the transaction, the insider directly owned 34,544 shares in the company, valued at approximately $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 77,322 shares of company stock worth $2,807,479 in the last 90 days. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Symbotic by 1,812.2% during the 1st 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 shares of Symbotic during the 1st quarter valued at approximately $31,000. AdvisorNet Financial Inc acquired a new stake in shares of Symbotic during the 2nd quarter valued at approximately $32,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Symbotic during the 4th quarter valued at approximately $47,000. Finally, CWM LLC raised its position in shares of Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after acquiring an additional 2,090 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.