Symbotic (NASDAQ:SYM) Sets New 12-Month High Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM – Get Rating) shares reached a new 52-week high during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $31.00 to $36.00. The company traded as high as $32.44 and last traded at $31.85, with a volume of 171676 shares traded. The stock had previously closed at $31.13.

A number of other equities research analysts have also recently commented on SYM. Northland Securities increased their price target on Symbotic from $30.00 to $35.00 in a research note on Monday. DA Davidson raised their price objective on Symbotic from $22.00 to $30.00 in a research note on Wednesday, May 3rd. Cantor Fitzgerald raised their price objective on Symbotic from $24.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Raymond James raised their price objective on Symbotic from $23.00 to $35.00 in a research note on Tuesday, May 2nd. Finally, Craig Hallum began coverage on Symbotic in a research note on Monday, April 17th. They issued a “buy” rating and a $35.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.31.

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 2,815 shares of Symbotic stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $23.29, for a total value of $65,561.35. Following the sale, the insider now directly owns 146,819 shares of the company’s stock, valued at $3,419,414.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Symbotic news, Director Rollin L. Ford bought 8,000 shares of Symbotic stock in a transaction on Monday, May 15th. The shares were bought at an average price of $24.70 per share, for a total transaction of $197,600.00. Following the completion of the transaction, the director now directly owns 8,000 shares of the company’s stock, valued at $197,600. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 2,815 shares of Symbotic stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $23.29, for a total value of $65,561.35. Following the completion of the sale, the insider now directly owns 146,819 shares of the company’s stock, valued at $3,419,414.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,747 shares of company stock valued at $635,409. Company insiders own 41.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Softbank Group CORP. raised its stake in shares of Symbotic by 1,000.0% during the 1st quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after buying an additional 20,000,000 shares in the last quarter. Saba Capital Management L.P. grew its holdings in Symbotic by 458.4% during the 3rd quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock valued at $27,779,000 after buying an additional 2,291,828 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of Symbotic by 202.3% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after purchasing an additional 696,727 shares during the period. Exchange Traded Concepts LLC purchased a new position in shares of Symbotic in the 1st quarter worth $13,919,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Symbotic in the 1st quarter worth $13,024,000. 57.76% of the stock is owned by institutional investors and hedge funds.

Symbotic Trading Up 0.0 %

The firm has a 50-day moving average of $25.32 and a two-hundred day moving average of $17.68. The firm has a market capitalization of $17.30 billion, a PE ratio of -88.94 and a beta of 1.31.

Symbotic (NASDAQ:SYM – Get Rating) last released its quarterly earnings data on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Symbotic had a negative net margin of 2.26% and a negative return on equity of 78.17%. The company had revenue of $266.85 million during the quarter, compared to analysts’ expectations of $224.82 million. During the same period last year, the business earned ($5.61) earnings per share. The company’s revenue for the quarter was up 177.2% compared to the same quarter last year. Equities research analysts expect that Symbotic Inc. will post -0.29 earnings per share for the current fiscal year.

About Symbotic

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.