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

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up before the market opened on Monday after DA Davidson raised their price target on the stock from $47.00 to $50.00. The stock had previously closed at $38.78, but opened at $40.65. DA Davidson currently has a buy rating on the stock. Symbotic shares last traded at $38.55, with a volume of 400,504 shares trading hands.

Other analysts have also issued research reports about the company. Robert W. Baird reduced their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. The Goldman Sachs Group reduced their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Citigroup reduced their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Insider Activity

In related news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares in the company, valued at $4,013,175. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 over the last ninety days. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. grew its stake in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares in the last quarter.

Symbotic Stock Down 35.9 %

The company has a market cap of $14.05 billion, a P/E ratio of -384.50 and a beta of 1.81. The firm has a 50 day moving average of $28.98 and a 200-day moving average of $30.82.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Symbotic’s revenue was up 47.2% compared to the same quarter last year. On average, research analysts predict that Symbotic Inc. will post 0.2 EPS for the current fiscal year.

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.