Symbotic (NASDAQ:SYM) Trading Up 6.5% - What's Next?

Key Points

• Symbotic's stock price increased by 6.5%, reaching a high of $61.23 before settling at $60.73, with trading volume significantly surpassing average levels.
• Analysts have mixed opinions, with ratings ranging from a buy to a sell, and an average target price among analysts set at $43.44.
• The company recently reported quarterly earnings with revenues of $592.12 million but missed earnings per share estimates, highlighting potential challenges despite year-over-year growth.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares shot up 6.5% during trading on Monday . The stock traded as high as $61.23 and last traded at $60.73. 3,379,077 shares were traded during mid-day trading, an increase of 72% from the average session volume of 1,969,611 shares. The stock had previously closed at $57.05.

Wall Street Analysts Forecast Growth

SYM has been the topic of several research reports. 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 report on Friday, July 18th. Northland Securities upped their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Arete lowered Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective for the company. in a research report on Friday, July 25th. Robert W. Baird downgraded shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research report on Thursday, August 7th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $47.00 target price (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $43.44.

Symbotic Trading Up 6.5%

The company has a market capitalization of $35.86 billion, a PE ratio of -867.45 and a beta of 2.05. The business's fifty day moving average is $50.76 and its two-hundred day moving average is $35.43.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The firm 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 revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. As a group, equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider William M. Boyd III sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the sale, the insider owned 31,884 shares in the company, valued at approximately $1,881,156. This trade represents a 43.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the sale, the director owned 14,507 shares in the company, valued at approximately $748,125.99. The trade was a 86.12% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 483,032 shares of company stock worth $23,897,448. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SYM. Private Trust Co. NA lifted its position in shares of 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 purchasing an additional 200 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Symbotic by 24.0% during the 2nd 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 in the last quarter. PNC Financial Services Group Inc. boosted its position in Symbotic by 7.1% in the 2nd 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 period. Main Management ETF Advisors LLC grew its stake in Symbotic by 1.7% in the 2nd quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock worth $1,139,000 after acquiring an additional 480 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock worth $50,000 after acquiring an additional 573 shares during the period.

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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