Symbotic (NASDAQ:SYM) Stock Price Up 2.8%

Symbotic Inc. (NASDAQ:SYM) shares traded up 2.8% on Friday . The stock traded as high as $41.89 and last traded at $41.11. 321,830 shares changed hands during trading, a decline of 77% from the average session volume of 1,374,539 shares. The stock had previously closed at $39.98.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday, February 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, February 6th. KeyCorp cut their price target on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, Needham & Company LLC lowered their price objective on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Symbotic Trading Up 2.9 %

The company has a market capitalization of $23.73 billion, a price-to-earnings ratio of -152.33 and a beta of 1.97. The firm has a 50-day simple moving average of $42.99 and a two-hundred day simple moving average of $44.18.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. On average, sell-side analysts forecast that Symbotic Inc. will post -0.03 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,112,447 shares of company stock valued at $275,513,529. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of SYM. Baillie Gifford & Co. bought a new stake in shares of Symbotic in the first quarter valued at approximately $426,752,000. 1832 Asset Management L.P. raised its stake in Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Coatue Management LLC bought a new stake in Symbotic in the 4th quarter valued at $11,088,000. Hodges Capital Management Inc. acquired a new stake in Symbotic in the 3rd quarter worth $5,740,000. Finally, First Trust Advisors LP increased its holdings in shares of Symbotic by 44.0% during the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after purchasing an additional 155,828 shares during the period.

Symbotic Company Profile

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.