Symbotic (NASDAQ:SYM) Trading 4.2% Higher - What's Next?

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) shares traded up 4.2% during mid-day trading 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

SYM has been the topic of a number of analyst reports. DA Davidson restated a "neutral" rating and set a $47.00 target price (up previously from $35.00) on shares of Symbotic in a research report on Monday. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Finally, Oppenheimer increased their price target on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Price Performance

The firm has a 50-day simple moving average of $48.05 and a 200 day simple moving average of $32.51. The company has a market capitalization of $29.29 billion, a PE ratio of -709.77 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 for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. Equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other news, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 484,632 shares of company stock worth $23,837,791 over the last three months. Insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after buying an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Symbotic in the 1st quarter valued at approximately $31,000. AdvisorNet Financial Inc bought a new position in Symbotic during the second quarter worth $32,000. IAG Wealth Partners LLC acquired a new position in Symbotic in the second quarter worth $32,000. Finally, Gables Capital Management Inc. bought a new position in shares of Symbotic during the second quarter valued at approximately $39,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.