Symbotic (NASDAQ:SYM) Stock Price Up 2.2%

Shares of Symbotic Inc. (NASDAQ:SYM) shot up 2.2% during trading on Friday . The stock traded as high as $26.30 and last traded at $25.69. 413,674 shares were traded during trading, a decline of 74% from the average session volume of 1,607,214 shares. The stock had previously closed at $25.13.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Craig Hallum dropped their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. TD Cowen decreased their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Vertical Research began coverage on shares of Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price on the stock. Finally, Northland Securities lowered their price objective 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. 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Price Performance

The business has a fifty day moving average price of $24.07 and a 200 day moving average price of $34.99. The company has a market capitalization of $14.94 billion, a price-to-earnings ratio of -106.33 and a beta of 1.81.

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

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 5,188 shares of Symbotic stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the transaction, the insider now owns 76,808 shares of the company’s stock, valued at approximately $2,725,915.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now owns 23,012 shares in the company, valued at approximately $890,794.52. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael David Dunn sold 5,188 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the transaction, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The disclosure for this sale can be found here. In the last three months, insiders sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the company. RiverPark Advisors LLC purchased a new stake in shares of Symbotic in the first quarter valued at $37,000. RFP Financial Group LLC raised its position in Symbotic by 22.4% during the second 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. Quarry LP purchased a new stake in Symbotic in the 2nd quarter worth about $65,000. Natixis Investment Managers International acquired a new stake in Symbotic during the 1st quarter worth about $90,000. Finally, Van ECK Associates Corp grew its stake in Symbotic by 109.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after acquiring an additional 1,423 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.