Symbotic (NASDAQ:SYM) Trading 4% Higher - Here's Why

Key Points

• Shares of Symbotic Inc. rose by 4% during trading on Tuesday, reaching a high of $47.72, though the trading volume significantly declined by 82% compared to its average.
• Analysts have mixed ratings on Symbotic, with Needham & Company raising their price target to $57.00 while Baird R W downgraded it to a "hold," leading to an average rating of "hold" and a target price of $43.44.
• The company's recent quarterly earnings showed revenue of $592.12 million, surpassing expectations, yet it reported a loss of ($0.05) EPS, missing analysts' consensus of $0.03 EPS.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) shot up 4% on Tuesday . The company traded as high as $47.72 and last traded at $47.59. 362,307 shares were traded during trading, a decline of 82% from the average session volume of 1,983,588 shares. The stock had previously closed at $45.74.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SYM. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a research report on Friday, July 25th. Robert W. Baird cut Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research note on Thursday, August 7th. Arete Research cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. DA Davidson restated a "neutral" rating and set a $47.00 price objective (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Finally, Oppenheimer raised their price objective on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Stock Down 3.9%

The company has a market capitalization of $28.01 billion, a P/E ratio of -677.47 and a beta of 2.06. The business has a 50 day simple moving average of $48.59 and a 200-day simple moving average of $32.78.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business's quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.02) earnings per share. Equities analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares of the company's stock, valued at approximately $748,125.99. This trade represents a 86.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction on 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 transaction, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. This trade represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 484,632 shares of company stock valued at $23,837,791 in the last three months. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its position in Symbotic by 21.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after acquiring an additional 3,024 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Symbotic by 35.7% in the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock worth $1,224,000 after purchasing an additional 15,947 shares in the last quarter. Freemont Management S.A. purchased a new position in Symbotic in the 1st quarter worth about $1,479,000. ARK Investment Management LLC increased its stake in Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after purchasing an additional 203,226 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Symbotic by 5.7% in the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after purchasing an additional 1,332 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.