Symbotic (NASDAQ:SYM) Stock Price Up 11.3% - What's Next?

Key Points

• Symbotic Inc. shares rose by 11.3% during trading, reaching a peak of $57.76, with trading volume increasing by 161% from the average.
• Following recent adjustments, Zacks Research downgraded Symbotic to a "strong sell," while Oppenheimer raised their price target to $59, suggesting mixed analyst sentiments.
• Symbotic reported a revenue of $592.12 million for the last quarter, exceeding expectations despite posting a negative earnings per share of ($0.05).

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price rose 11.3% during trading on Friday . The company traded as high as $57.76 and last traded at $57.05. Approximately 5,114,949 shares traded hands during trading, an increase of 161% from the average daily volume of 1,960,339 shares. The stock had previously closed at $51.26.

Analyst Ratings Changes

SYM has been the topic of a number of recent analyst reports. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wall Street Zen upgraded Symbotic from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Finally, Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Trading Up 6.5%

The company has a 50-day moving average price of $51.02 and a two-hundred day moving average price of $35.70.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. Symbotic's quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) EPS. On average, sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 2,455 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $50.58, for a total value of $124,173.90. Following the transaction, the insider owned 29,429 shares of the company's stock, valued at $1,488,518.82. This represents a 7.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the sale, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This trade represents a 23.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 483,032 shares of company stock valued at $23,897,448 in the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SYM. Amanah Holdings Trust purchased a new position in shares of Symbotic in the second quarter worth about $19,824,000. Canada Pension Plan Investment Board purchased a new position in shares of Symbotic in the first quarter worth about $4,968,000. ARK Investment Management LLC increased its holdings in shares of Symbotic by 106.9% in the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after buying an additional 203,226 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after buying an additional 187,538 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in Symbotic during the 2nd quarter valued at about $5,504,000.

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.