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

Symbotic Inc. (NASDAQ:SYM) gapped up prior to trading on Tuesday after Robert W. Baird raised their price target on the stock from $52.00 to $53.00. The stock had previously closed at $41.94, but opened at $47.00. Robert W. Baird currently has an outperform rating on the stock. Symbotic shares last traded at $46.96, with a volume of 843,759 shares.

SYM has been the topic of several other reports. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price objective on shares of Symbotic in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. KeyCorp lowered 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. Finally, DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, February 7th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.08.

Insiders Place Their Bets

In related news, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the sale, the insider now owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 72,032 shares of the company’s stock, valued at approximately $2,881,280. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 8,825 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now owns 23,012 shares in the company, valued at approximately $928,304.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,110,447 shares of company stock valued at $275,410,529. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. acquired a new position in shares of Symbotic during the first quarter valued at approximately $426,752,000. Vanguard Group Inc. grew its holdings in shares of Symbotic by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock worth $106,819,000 after buying an additional 40,699 shares in the last quarter. 1832 Asset Management L.P. raised its position in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Symbotic by 6.3% in the first quarter. Raymond James & Associates now owns 616,391 shares of the company’s stock worth $27,738,000 after buying an additional 36,515 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Symbotic by 44.0% during the fourth quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after acquiring an additional 155,828 shares during the last quarter.

Symbotic Stock Performance

The company has a market cap of $25.61 billion, a PE ratio of -162.22 and a beta of 1.97. The firm’s 50 day moving average is $43.01 and its 200-day moving average is $44.19.

Symbotic (NASDAQ:SYM) last posted its earnings results 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 company 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, analysts predict that Symbotic Inc. will post -0.03 EPS for the current 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.