Symbotic Inc. (NASDAQ:SYM) Short Interest Up 18.4% in April

Symbotic Inc. (NASDAQ:SYMGet Free Report) was the recipient of a large increase in short interest in April. As of April 30th, there was short interest totalling 9,260,000 shares, an increase of 18.4% from the April 15th total of 7,820,000 shares. Currently, 29.6% of the shares of the stock are sold short. Based on an average daily volume of 1,450,000 shares, the days-to-cover ratio is presently 6.4 days.

Insider Buying and Selling

In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were 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 SEC, which is accessible through this hyperlink. In other news, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the transaction, the director now owns 62,312 shares of the company’s stock, valued at approximately $2,787,838.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,110,447 shares of company stock worth $275,410,529. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently modified their holdings of SYM. Van ECK Associates Corp purchased a new position in shares of Symbotic in the fourth quarter worth approximately $26,000. RiverPark Advisors LLC purchased a new position in Symbotic during the 1st quarter worth approximately $37,000. Providence Capital Advisors LLC acquired a new stake in shares of Symbotic in the third quarter worth $33,000. Pingora Partners LLC purchased a new position in shares of Symbotic during the fourth quarter valued at $51,000. Finally, Global Retirement Partners LLC raised its stake in shares of Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after purchasing an additional 660 shares in the last quarter.

Symbotic Price Performance

Shares of NASDAQ SYM traded up $2.32 during midday trading on Tuesday, reaching $45.06. 1,885,467 shares of the company traded hands, compared to its average volume of 1,439,520. The company has a market cap of $26.00 billion, a price-to-earnings ratio of -187.74 and a beta of 1.97. The stock has a 50-day moving average price of $43.55 and a 200 day moving average price of $44.45. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14.

Analyst Ratings Changes

Several research firms recently weighed in on SYM. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Northland Securities upped their target price on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of Symbotic in a report on Tuesday, May 7th. Robert W. Baird increased their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Finally, KeyCorp dropped their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.69.

View Our Latest Research Report on SYM

About Symbotic

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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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