Symbotic (NASDAQ:SYM) Shares Up 9% – Here’s What Happened
by Doug Wharley · The Cerbat GemSymbotic Inc. (NASDAQ:SYM – Get Free Report)’s share price was up 9% on Friday . The stock traded as high as $65.42 and last traded at $64.87. Approximately 2,313,621 shares traded hands during trading, a decline of 24% from the average daily volume of 3,061,893 shares. The stock had previously closed at $59.50.
Wall Street Analyst Weigh In
SYM has been the subject of several analyst reports. Cowen reiterated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Citigroup lifted their price target on Symbotic from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Northland Securities raised their target price on Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, November 25th. Cantor Fitzgerald lifted their target price on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Finally, Barclays boosted their price target on shares of Symbotic from $38.00 to $41.00 and gave the stock an “underweight” rating in a report on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic has an average rating of “Hold” and an average target price of $56.50.
Symbotic Stock Performance
The firm has a 50 day moving average price of $65.57 and a two-hundred day moving average price of $56.55. The company has a market cap of $38.37 billion, a P/E ratio of -432.47, a P/E/G ratio of 16.88 and a beta of 2.14.
Symbotic (NASDAQ:SYM – Get Free Report) last announced its quarterly earnings data on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The firm had revenue of $618.46 million during the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. On average, sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.
Insiders Place Their Bets
In other Symbotic news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. The trade was a 38.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the transaction, the director directly owned 68,413 shares of the company’s stock, valued at $5,795,949.36. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,085,508 shares of company stock worth $378,798,933 in the last three months. Insiders own 0.60% of the company’s stock.
Institutional Investors Weigh In On Symbotic
Several hedge funds and other institutional investors have recently modified their holdings of the stock. MAI Capital Management lifted its holdings in shares of Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares in the last quarter. AdvisorNet Financial Inc bought a new stake in Symbotic during the 2nd quarter worth approximately $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic in the 2nd quarter worth approximately $32,000. Ameriflex Group Inc. boosted its holdings in Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. Finally, Gables Capital Management Inc. purchased a new position in shares of Symbotic during the 2nd quarter valued at $39,000.
Symbotic Company Profile
Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.
Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.