Symbotic (NASDAQ:SYM) Shares Up 2.2%

Symbotic Inc. (NASDAQ:SYM) shares shot up 2.2% during mid-day trading on Thursday . The company traded as high as $39.42 and last traded at $39.28. 159,265 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,377,715 shares. The stock had previously closed at $38.42.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on SYM shares. Robert W. Baird decreased their price objective on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Northland Securities lifted their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. KeyCorp lowered their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, February 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, February 6th. Finally, Needham & Company LLC lowered their price target on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Symbotic has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Stock Performance

The stock has a market capitalization of $23.37 billion, a P/E ratio of -145.48 and a beta of 1.97. The stock has a 50-day moving average price of $42.97 and a two-hundred day moving average price of $44.24.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The business had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Equities analysts anticipate that Symbotic Inc. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael David Dunn sold 1,747 shares of the company’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the sale, the insider now directly owns 74,032 shares of the company’s stock, valued at $2,967,202.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now owns 74,032 shares of the company’s stock, valued at $2,967,202.56. The disclosure for this sale can be found here. Insiders sold 7,110,447 shares of company stock worth $275,433,529 over the last three months. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors have recently added to or reduced their stakes in the business. Taylor Frigon Capital Management LLC raised its holdings in shares of Symbotic by 0.5% during the third quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock valued at $2,125,000 after purchasing an additional 336 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after buying an additional 400 shares during the last quarter. Natixis Advisors L.P. grew its holdings in shares of Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after acquiring an additional 456 shares during the period. Van ECK Associates Corp bought a new position in Symbotic in the fourth quarter valued at about $26,000. Finally, Bourne Lent Asset Management Inc. boosted its position in Symbotic by 1.0% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock worth $2,990,000 after purchasing an additional 600 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.