Symbotic (NASDAQ:SYM) Trading Up 2% After Analyst Upgrade

Key Points

• Symbotic's stock price increased by 2% following an upgrade from Needham & Company, which raised its price target for the stock from $32.00 to $57.00.
• Despite the recent upgrade, several other analysts have given mixed ratings, with some downgrading the stock from "strong-buy" to "hold" and others setting a lower price target.
• Insider trading activity revealed that CFO Carol J. Hibbard and Director Daniela L. Rus sold shares, leading to notable decreases in their ownership positions.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 2% on Friday after Needham & Company LLC raised their price target on the stock from $32.00 to $57.00. Needham & Company LLC currently has a buy rating on the stock. Symbotic traded as high as $56.68 and last traded at $55.27. Approximately 1,057,437 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 1,981,785 shares. The stock had previously closed at $54.21.

SYM has been the subject of a number of other research reports. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a research note on Friday, July 18th. The Goldman Sachs Group lowered their price target on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective for the company. in a report on Friday, July 25th. Finally, Citigroup reaffirmed a "buy" rating on shares of Symbotic in a report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $42.69.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 6,293 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $55.42, for a total value of $348,758.06. Following the completion of the transaction, the chief financial officer directly owned 61,971 shares in the company, valued at $3,434,432.82. This trade represents a 9.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniela L. Rus sold 11,705 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $690,595.00. Following the sale, the director directly owned 11,024 shares in the company, valued at approximately $650,416. The trade was a 51.50% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 118,241 shares of company stock worth $5,756,164. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SYM. GAMMA Investing LLC raised its position in shares of Symbotic by 1,812.2% during 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 period. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic in the 1st quarter valued at approximately $31,000. AdvisorNet Financial Inc acquired a new position in Symbotic in the 2nd quarter worth approximately $32,000. Gables Capital Management Inc. purchased a new position in Symbotic during the 2nd quarter worth approximately $39,000. Finally, CWM LLC grew its holdings in shares of Symbotic by 408.2% during the first quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after buying an additional 2,090 shares in the last quarter.

Symbotic Stock Performance

The company has a 50 day simple moving average of $42.59 and a two-hundred day simple moving average of $30.64. The company has a market cap of $32.37 billion, a PE ratio of -784.89, a PEG ratio of 65.52 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last released its 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 return on equity of 2.07% and a negative net margin of 0.38%. The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter in the previous year, the company earned ($0.02) EPS. The firm's quarterly revenue was up 25.9% compared to the same quarter last year. As a group, analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

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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