Symbotic (NASDAQ:SYM) Trading 4.4% Higher Following Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 4.4% on Tuesday after Robert W. Baird raised their price target on the stock from $52.00 to $53.00. Robert W. Baird currently has an outperform rating on the stock. Symbotic traded as high as $48.08 and last traded at $43.80. 1,717,947 shares changed hands during mid-day trading, an increase of 23% from the average session volume of 1,396,977 shares. The stock had previously closed at $41.94.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, February 6th. Northland Securities boosted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. DA Davidson upgraded 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. Finally, William Blair reissued a “market perform” rating on shares of Symbotic in a research note 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.08.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction 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 owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael David Dunn sold 2,000 shares of the stock in a transaction 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 sale, the insider now owns 72,032 shares of the company’s stock, valued at approximately $2,881,280. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,110,447 shares of company stock worth $275,410,529. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SYM. Van ECK Associates Corp acquired a new stake in Symbotic during the fourth quarter worth approximately $26,000. RiverPark Advisors LLC bought a new stake in Symbotic in the 1st quarter valued at $37,000. Providence Capital Advisors LLC acquired a new position in Symbotic in the 3rd quarter valued at $33,000. Pingora Partners LLC bought a new position in Symbotic during the 4th quarter worth $51,000. Finally, Global Retirement Partners LLC boosted its position in shares of Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after acquiring an additional 660 shares during the period.

Symbotic Stock Up 6.1 %

The company’s 50 day moving average is $43.01 and its 200 day moving average is $44.19. The firm has a market capitalization of $25.68 billion, a price-to-earnings ratio of -162.22 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $368.45 million for the quarter, compared to analysts’ expectations 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 expect that Symbotic Inc. will post -0.03 EPS 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.