Symbotic (NASDAQ:SYM) Trading 6.3% Higher - Here's Why

Key Points

• Symbotic Inc. shares rose by 6.3%, reaching a high of $46.65, despite a significant drop in trading volume compared to the average.
• Analysts have mixed ratings on the stock, with Northland Securities increasing their target price to $56.00, while several firms, including Arete and Robert W. Baird, have downgraded their ratings in recent weeks.
• The company reported mixed quarterly earnings, with revenue of $592.12 million, exceeding estimates but posting a loss of ($0.05) EPS, missing consensus expectations.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) traded up 6.3% during trading on Friday . The stock traded as high as $45.95 and last traded at $46.65. 659,232 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,986,004 shares. The stock had previously closed at $43.90.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Northland Securities raised their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research note on Friday, July 25th. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Symbotic currently has an average rating of "Hold" and an average price target of $42.69.

Symbotic Stock Performance

The firm's 50 day simple moving average is $46.84 and its 200 day simple moving average is $32.00. The firm has a market capitalization of $27.30 billion, a price-to-earnings ratio of -660.33 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous 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, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction that occurred on Tuesday, August 19th. The shares were 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 approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Maria G. Freve sold 2,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $51.93, for a total transaction of $103,860.00. Following the completion of the transaction, the insider owned 1,312 shares of the company's stock, valued at approximately $68,132.16. This represents a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 270,241 shares of company stock worth $13,789,392. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA raised its position in Symbotic by 10.0% during the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after acquiring an additional 200 shares during the period. Farther Finance Advisors LLC raised its position in shares of Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after buying an additional 342 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock valued at $247,000 after buying an additional 422 shares during the last quarter. Main Management ETF Advisors LLC raised its position in shares of Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock valued at $1,139,000 after buying an additional 480 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after buying an additional 573 shares during 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.

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