Symbotic (NASDAQ:SYM) Stock Price Up 7.7% - Here's Why

Key Points

• Symbotic Inc. stock increased by 7.7% during trading on Monday, reaching a last traded price of $54.78 after closing at $50.85 previously.
• Several analysts have adjusted their ratings on Symbotic, with Arete lowering it to "neutral" and Goldman Sachs reducing their price target significantly from $25 to $18.
• The company reported a 39.7% year-over-year revenue increase to $549.65 million, although it missed the earnings per share consensus by $0.09.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 7.7% during trading on Monday . The company traded as high as $55.31 and last traded at $54.78. Approximately 798,753 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 1,908,663 shares. The stock had previously closed at $50.85.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Arete lowered Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a report on Friday, July 25th. The Goldman Sachs Group lowered 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 research report on Monday, July 14th. Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, Northland Securities raised their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and a consensus price target of $39.87.

Symbotic Price Performance

The business has a 50-day simple moving average of $40.22 and a 200 day simple moving average of $29.83. The firm has a market cap of $33.07 billion, a PE ratio of -1,397.73, a PEG ratio of 52.97 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The business had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. During the same quarter in the prior year, the business posted ($0.07) EPS. The business's revenue for the quarter was up 39.7% compared to the same quarter last year. On average, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In related news, CFO Carol J. Hibbard sold 4,628 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total transaction of $104,685.36. Following the sale, the chief financial officer owned 54,011 shares in the company, valued at approximately $1,221,728.82. This represents a 7.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $1,225,000.00. Following the completion of the sale, the insider owned 34,544 shares of the company's stock, valued at approximately $1,692,656. This represents a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,136 shares of company stock valued at $2,534,217 in the last ninety days. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Symbotic by 21.3% during 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 during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after purchasing an additional 1,452,627 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Symbotic by 35.7% during the first 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 during the period. Freemont Management S.A. acquired a new stake in shares of Symbotic during the first quarter worth about $1,479,000. Finally, ARK Investment Management LLC lifted its holdings in shares of Symbotic by 106.9% during the first 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 during the period.

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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