Symbotic (NASDAQ:SYM) Sets New 1-Year High Following Analyst Upgrade

Posted by Defense World Staff on Apr 13th, 2023

Symbotic Inc. (NASDAQ:SYM – Get Rating)’s stock price hit a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $16.00 to $32.00. Citigroup currently has a buy rating on the stock. Symbotic traded as high as $29.00 and last traded at $28.48, with a volume of 561843 shares trading hands. The stock had previously closed at $25.94.

Other equities analysts have also issued reports about the company. Needham & Company LLC boosted their target price on Symbotic from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 24th. The Goldman Sachs Group upped their target price on shares of Symbotic from $10.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, January 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Symbotic from $20.00 to $22.00 in a research report on Tuesday, January 31st. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and an average target price of $20.92.

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 2,815 shares of the stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $23.29, for a total transaction of $65,561.35. Following the completion of the transaction, the insider now directly owns 146,819 shares of the company’s stock, valued at $3,419,414.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 49,326 shares of company stock valued at $846,941 over the last 90 days. 41.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. acquired a new stake in Symbotic during the 4th quarter worth about $29,000. Toronto Dominion Bank purchased a new stake in shares of Symbotic in the fourth quarter worth approximately $36,000. Altshuler Shaham Ltd bought a new stake in shares of Symbotic in the 3rd quarter worth $50,000. Advisor Group Holdings Inc. grew its position in Symbotic by 30.4% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,299 shares of the company’s stock worth $52,000 after purchasing an additional 1,002 shares in the last quarter. Finally, Armstrong Advisory Group Inc. bought a new position in shares of Symbotic in the fourth quarter valued at approximately $68,000. Institutional investors own 57.76% of the company’s stock.

Symbotic Trading Down 0.6 %

The stock’s fifty day moving average is $19.32 and its two-hundred day moving average is $14.64. The company has a market capitalization of $15.37 billion, a PE ratio of -4.72 and a beta of 1.29.

Symbotic (NASDAQ:SYM – Get Rating) last announced its quarterly earnings data on Monday, January 30th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07). The firm had revenue of $206.30 million for the quarter, compared to the consensus estimate of $193.70 million. Symbotic had a negative net margin of 6.08% and a negative return on equity of 148.57%. Symbotic’s revenue for the quarter was up 167.6% on a year-over-year basis. During the same period last year, the company posted ($4.88) earnings per share. As a group, analysts anticipate that Symbotic Inc. will post -0.14 EPS for the current fiscal year.

Symbotic Company Profile

(Get Rating)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.