Traders Buy Large Volume of Put Options on Symbotic (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM - Get Free Report) was the recipient of unusually large options trading activity on Monday. Investors bought 16,764 put options on the company. This represents an increase of 258% compared to the typical volume of 4,689 put options.

Insider Transactions at Symbotic

In related news, Director Daniela L. Rus sold 1,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $30.00, for a total transaction of $30,000.00. Following the completion of the sale, the director directly owned 26,435 shares in the company, valued at approximately $793,050. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $29.65, for a total transaction of $118,600.00. Following the completion of the transaction, the director owned 189,036 shares of the company's stock, valued at approximately $5,604,917.40. The trade was a 2.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,616 shares of company stock valued at $1,140,517. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after buying an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC purchased a new position in Symbotic during the 1st quarter worth approximately $31,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Symbotic during the 4th quarter worth approximately $47,000. CWM LLC raised its position in Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock worth $53,000 after buying an additional 2,090 shares during the last quarter. Finally, AlphaQuest LLC raised its position in Symbotic by 318.5% during the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock worth $57,000 after buying an additional 2,131 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SYM. Arete initiated coverage on shares of Symbotic in a research report on Wednesday, June 25th. They issued a "buy" rating and a $50.00 price target for the company. Northland Securities upped their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday. BWS Financial reissued a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research note on Wednesday, April 2nd. Arete Research raised shares of Symbotic to a "strong-buy" rating and set a $50.00 target price on the stock in a research note on Wednesday, June 25th. Finally, Citigroup cut their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.59.

Symbotic Stock Down 3.8%

Shares of Symbotic stock traded down $1.82 during midday trading on Tuesday, hitting $45.46. The company had a trading volume of 1,431,186 shares, compared to its average volume of 2,038,494. The stock has a market cap of $26.80 billion, a price-to-earnings ratio of -1,136.50, a PEG ratio of 79.85 and a beta of 2.03. The company has a fifty day simple moving average of $30.54 and a 200 day simple moving average of $26.46. Symbotic has a 12-month low of $16.32 and a 12-month high of $48.49.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business's revenue for the quarter was up 39.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.07) earnings per share. As a group, analysts expect that Symbotic will post 0.13 EPS for the current year.

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.