Symbotic (NASDAQ:SYM) Stock Price Up 4.2% - Here's What Happened

Key Points

• Symbotic Inc. shares are currently trading at $49.76, a 4.2% increase, despite a significant decline in trading volume to 503,434 shares.
• Analysts are divided on the stock, with six rating it as a Buy, twelve as Hold, and two as Sell; the average target price is set at $43.44.
• The company reported a revenue of $592.12 million for the last quarter, exceeding expectations, but missed earnings per share estimates, reporting ($0.05) for the period.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price shot up 4.2% on Thursday . The stock traded as high as $49.78 and last traded at $49.76. 503,434 shares changed hands during trading, a decline of 75% from the average session volume of 1,975,768 shares. The stock had previously closed at $47.73.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SYM. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Wall Street Zen cut shares of Symbotic from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Northland Securities lifted their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $43.44.

Symbotic Stock Performance

The company has a market capitalization of $28.01 billion, a P/E ratio of -677.47 and a beta of 2.05. The business's fifty day simple moving average is $48.59 and its 200-day simple moving average is $32.85.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly 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). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. The business's revenue was up 25.9% on a year-over-year basis. As a group, analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider Maria G. Freve sold 2,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $51.93, for a total value of $103,860.00. Following the sale, the insider directly owned 1,312 shares in the company, valued at $68,132.16. The trade was a 60.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Todd Krasnow sold 30,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 484,632 shares of company stock worth $23,837,791. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently added to or reduced their stakes in the stock. IAG Wealth Partners LLC bought a new position in Symbotic in the 2nd quarter worth about $32,000. AdvisorNet Financial Inc bought a new position in Symbotic in the 2nd quarter worth about $32,000. Gables Capital Management Inc. bought a new position in Symbotic in the 2nd quarter worth about $39,000. NewEdge Advisors LLC grew its stake in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock worth $50,000 after acquiring an additional 573 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Symbotic by 1,812.2% in the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after acquiring an additional 1,341 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.