Symbotic (NASDAQ:SYM) Stock Price Up 4.4% - Here's What Happened

Key Points

• Symbotic Inc. shares rose 4.4%, trading as high as $76.04 before closing at $73.64, with a significant trading volume increase of 45% compared to the daily average.
• Analysts have set a consensus price target of $44.61 for the stock, with ratings ranging from seven "Buy" to thirteen "Hold" and three "Sell" recommendations.
• Despite a 25.9% year-over-year revenue increase to $592.12 million, Symbotic reported a loss of ($0.05) earnings per share, missing analyst estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares were up 4.4% on Tuesday . The company traded as high as $76.04 and last traded at $73.64. Approximately 2,879,192 shares were traded during mid-day trading, an increase of 45% from the average daily volume of 1,981,615 shares. The stock had previously closed at $70.51.

Analysts Set New Price Targets

A number of research analysts have weighed in on SYM shares. DA Davidson reaffirmed a "neutral" rating and issued a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Barclays initiated coverage on shares of Symbotic in a research report on Tuesday, October 7th. They issued an "underweight" rating and a $38.00 price objective on the stock. Northland Securities boosted their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Symbotic in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Symbotic from a "sell" rating to a "hold" rating in a report on Saturday. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Symbotic has a consensus rating of "Hold" and a consensus price target of $44.61.

Symbotic Stock Performance

The stock's fifty day moving average price is $53.47 and its 200-day moving average price is $39.78. The company has a market capitalization of $43.48 billion, a P/E ratio of -1,051.85, a PEG ratio of 12.36 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last issued 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 firm 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 firm's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. On average, research analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider William M. Boyd III sold 2,455 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.58, for a total value of $124,173.90. Following the transaction, the insider directly owned 29,429 shares of the company's stock, valued at $1,488,518.82. This represents a 7.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Ladensohn sold 23,000 shares of the stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $66.75, for a total transaction of $1,535,250.00. Following the completion of the transaction, the insider directly owned 5,000 shares in the company, valued at $333,750. The trade was a 82.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 474,666 shares of company stock worth $23,978,967 in the last quarter. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC raised its holdings in Symbotic by 53.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,704 shares of the company's stock valued at $146,000 after acquiring an additional 939 shares during the period. RDA Financial Network bought a new position in shares of Symbotic during the third quarter worth approximately $311,000. Carr Financial Group Corp bought a new position in Symbotic during the 3rd quarter worth $248,000. Veracity Capital LLC bought a new position in Symbotic during the 3rd quarter worth $469,000. Finally, Central Pacific Bank Trust Division bought a new position in Symbotic during the 3rd quarter worth $515,000.

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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