Symbotic (NASDAQ:SYM) Shares Gap Up on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) shares gapped up before the market opened on Tuesday after KeyCorp raised their price target on the stock from $40.00 to $48.00. The stock had previously closed at $30.56, but opened at $37.93. KeyCorp currently has an overweight rating on the stock. Symbotic shares last traded at $39.42, with a volume of 3,511,022 shares changing hands.

SYM has been the subject of several other research reports. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Craig Hallum cut their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. The Goldman Sachs Group cut their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Needham & Company LLC lifted their price objective on Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Citigroup lowered their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares in the company, valued at $4,013,175. This represents a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the sale, the insider now directly owns 85,224 shares in the company, valued at $2,029,183.44. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 in the last ninety days. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SYM. Castleview Partners LLC lifted its stake in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Symbotic during the third quarter worth about $49,000. RiverPark Advisors LLC grew its stake in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after buying an additional 1,211 shares during the period. RFP Financial Group LLC raised its position in shares of Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the period. Finally, Quest Partners LLC increased its stake in Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 shares during the last quarter.

Symbotic Trading Down 6.9 %

The firm’s fifty day moving average is $27.42 and its 200-day moving average is $31.08. The stock has a market capitalization of $21.26 billion, a PE ratio of -605.17 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period in the prior year, the firm earned ($0.08) earnings per share. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. As a group, equities analysts predict that Symbotic Inc. will post -0.08 EPS for the current 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.