Symbotic (NASDAQ:SYM) Trading 3% Higher - Here's What Happened

Symbotic Inc. (NASDAQ:SYM - Get Free Report) traded up 3% during trading on Monday . The stock traded as high as $39.50 and last traded at $38.36. 990,448 shares traded hands during trading, a decline of 44% from the average session volume of 1,771,472 shares. The stock had previously closed at $37.25.

Wall Street Analysts Forecast Growth

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

Symbotic Stock Performance

The business's 50-day moving average is $27.81 and its 200-day moving average is $25.67. The company has a market capitalization of $22.92 billion, a PE ratio of -971.93, a PEG ratio of 62.08 and a beta of 1.95.

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

Insiders Place Their Bets

In related news, Director Daniela L. Rus sold 1,000 shares of Symbotic stock in a transaction on Monday, June 16th. The stock was sold at an average price of $30.00, for a total transaction of $30,000.00. Following the transaction, the director now directly owns 26,435 shares in the company, valued at approximately $793,050. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William M. Boyd III sold 2,455 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $31.07, for a total transaction of $76,276.85. Following the completion of the sale, the insider now directly owns 34,544 shares of the company's stock, valued at $1,073,282.08. This represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,656 shares of company stock valued at $1,220,907. Company insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after purchasing an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in Symbotic during the first quarter valued at about $31,000. IFP Advisors Inc grew its stake in Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. Private Trust Co. NA bought a new position in Symbotic in the fourth quarter worth about $47,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Symbotic in the 4th quarter valued at 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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