Investors Purchase Large Volume of Put Options on Symbotic (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the target of some unusual options trading activity on Tuesday. Stock traders bought 45,225 put options on the stock. This is an increase of 434% compared to the average daily volume of 8,475 put options.

Symbotic Stock Up 0.1 %

SYM stock opened at $24.98 on Thursday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The firm has a market cap of $14.60 billion, a P/E ratio of -104.08 and a beta of 1.81. The company’s 50-day simple moving average is $26.14 and its 200-day simple moving average is $35.83.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SYM shares. TD Cowen cut their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. KeyCorp reduced their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday, July 30th. Northland Securities reduced their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. Finally, Robert W. Baird dropped their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.23.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at approximately $890,794.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at approximately $890,794.52. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value of $70,980.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at $70,980. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RiverPark Advisors LLC acquired a new stake in shares of Symbotic in the first quarter valued at about $37,000. Pingora Partners LLC acquired a new stake in Symbotic in the 4th quarter worth about $51,000. RFP Financial Group LLC raised its holdings in shares of Symbotic by 21.2% during the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after acquiring an additional 242 shares during the last quarter. Quarry LP purchased a new position in shares of Symbotic in the second quarter valued at approximately $65,000. Finally, Natixis Investment Managers International acquired a new stake in shares of Symbotic in the first quarter worth approximately $90,000.

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.