Symbotic (NASDAQ:SYM) Trading Up 5.8% on Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM – Get Rating)’s share price traded up 5.8% during trading on Thursday after DA Davidson raised their price target on the stock from $30.00 to $36.00. The company traded as high as $34.16 and last traded at $34.07. 105,110 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 521,443 shares. The stock had previously closed at $32.20.

Other equities research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $31.00 to $36.00 in a research note on Monday. The Goldman Sachs Group lifted their target price on Symbotic from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, January 31st. Cantor Fitzgerald lifted their price target on Symbotic from $24.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Needham & Company LLC lifted their price target on Symbotic from $25.00 to $31.00 in a research note on Tuesday, May 2nd. Finally, Raymond James lifted their target price on Symbotic from $23.00 to $35.00 in a research note on Tuesday, May 2nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $28.77.

Insider Buying and Selling

In other Symbotic news, Director Rollin L. Ford purchased 8,000 shares of the firm’s stock in a transaction dated 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 purchase, the director now owns 8,000 shares in the company, valued at approximately $197,600. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Rollin L. Ford acquired 8,000 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was bought at an average cost 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 in the company, valued at approximately $197,600. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 2,815 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $23.29, for a total transaction of $65,561.35. Following the sale, the insider now owns 146,819 shares of the company’s stock, valued at $3,419,414.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,188 shares of company stock valued at $1,817,565. Insiders own 41.00% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Symbotic by 1,412.0% in the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after acquiring an additional 1,412 shares during the period. Rockefeller Capital Management L.P. bought a new stake in Symbotic during the fourth quarter valued at approximately $29,000. Arcadia Investment Management Corp MI bought a new stake in Symbotic during the first quarter valued at approximately $58,000. Toronto Dominion Bank bought a new stake in Symbotic during the fourth quarter valued at approximately $36,000. Finally, Householder Group Estate & Retirement Specialist LLC bought a new stake in Symbotic during the first quarter valued at approximately $87,000. Hedge funds and other institutional investors own 57.76% of the company’s stock.

Symbotic Stock Up 9.8 %

The firm has a market capitalization of $19.63 billion, a P/E ratio of -100.97 and a beta of 1.31. The firm’s 50-day simple moving average is $26.28 and its 200-day simple moving average is $18.05.

Symbotic (NASDAQ:SYM – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). The business had revenue of $266.85 million during the quarter, compared to the consensus estimate of $224.82 million. Symbotic had a negative return on equity of 78.17% and a negative net margin of 2.26%. The company’s revenue was up 177.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($5.61) earnings per share. As a group, analysts expect that Symbotic Inc. will post -0.28 EPS 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.