Symbotic (NASDAQ:SYM) Shares Gap Up Following Analyst Upgrade

Shares of Symbotic Inc. (NASDAQ:SYM) gapped up before the market opened on Tuesday after Craig Hallum raised their price target on the stock from $55.00 to $60.00. The stock had previously closed at $41.94, but opened at $47.00. Craig Hallum currently has a buy rating on the stock. Symbotic shares last traded at $46.96, with a volume of 843,759 shares traded.

SYM has been the subject of a number of other reports. Northland Securities raised their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Robert W. Baird increased their price target on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. KeyCorp dropped their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $55.69.

Insider Buying and Selling

In other news, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total value of $140,259.90. Following the completion of the transaction, the director now owns 62,312 shares of the company’s stock, valued at $2,787,838.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,110,447 shares of company stock worth $275,410,529. 38.30% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Symbotic by 8.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after buying an additional 400 shares in the last quarter. Natixis Advisors L.P. boosted its position in Symbotic by 4.3% during the 4th quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after purchasing an additional 456 shares during the period. Van ECK Associates Corp acquired a new stake in Symbotic in the 4th quarter valued at $26,000. Bourne Lent Asset Management Inc. raised its position in Symbotic by 1.0% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock valued at $2,990,000 after purchasing an additional 600 shares during the period. Finally, TFC Financial Management Inc. lifted its stake in shares of Symbotic by 97.1% during the fourth quarter. TFC Financial Management Inc. now owns 1,226 shares of the company’s stock worth $63,000 after purchasing an additional 604 shares in the last quarter.

Symbotic Price Performance

The company has a market cap of $27.91 billion, a PE ratio of -179.11 and a beta of 1.97. The company has a 50-day moving average price of $43.30 and a two-hundred day moving average price of $44.25.

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

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.