Symbotic Inc. (NASDAQ:SYM) Sees Large Growth in Short Interest

Symbotic Inc. (NASDAQ:SYM) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 16,000,000 shares, a growth of 17.9% from the August 15th total of 13,570,000 shares. Approximately 41.6% of the shares of the stock are sold short. Based on an average daily volume of 1,890,000 shares, the days-to-cover ratio is presently 8.5 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SYM shares. Craig Hallum decreased 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. Needham & Company LLC lowered their price target on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, 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 note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $22.41 on Tuesday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of -93.38 and a beta of 1.81. The stock has a 50 day moving average price of $26.63 and a 200 day moving average price of $36.01.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Symbotic’s quarterly revenue was up 57.7% compared to the same quarter last year. Analysts forecast that Symbotic will post -0.08 earnings per share for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at approximately $70,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total value of $69,281.20. Following the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the sale, the director now owns 2,000 shares in the company, valued at $70,980. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in Symbotic in the second quarter worth approximately $65,000. Sunbelt Securities Inc. increased its holdings in shares of Symbotic by 2,215.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company’s stock valued at $179,000 after acquiring an additional 4,875 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after acquiring an additional 679 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares during the last quarter. Finally, Marathon Capital Management boosted its position in Symbotic by 8.0% during the second quarter. Marathon Capital Management now owns 42,055 shares of the company’s stock valued at $1,479,000 after purchasing an additional 3,115 shares in 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.