Symbotic (NASDAQ:SYM) Sees Strong Trading Volume After Analyst Upgrade

Posted by Defense World Staff on May 3rd, 2023

Symbotic Inc. (NASDAQ:SYM – Get Rating) shares saw unusually-high trading volume on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $22.00 to $31.00. Approximately 1,139,471 shares were traded during trading, an increase of 129% from the previous session’s volume of 497,055 shares.The stock last traded at $22.85 and had previously closed at $26.77.

A number of other research analysts also recently weighed in on SYM. Northland Securities raised their price objective on Symbotic from $20.00 to $30.00 in a research note on Tuesday. Raymond James raised their price objective on Symbotic from $23.00 to $35.00 in a research note on Tuesday. Citigroup raised their price objective on Symbotic from $16.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, April 10th. Needham & Company LLC lifted their price target on Symbotic from $25.00 to $31.00 in a research report on Tuesday. Finally, Craig Hallum began coverage on Symbotic in a research report on Monday, April 17th. They issued a “buy” rating and a $35.00 price target on the stock. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.69.

Insider Activity

In other news, insider Michael David Dunn sold 12,639 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $16.61, for a total transaction of $209,933.79. Following the sale, the insider now directly owns 163,769 shares of the company’s stock, valued at $2,720,203.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 49,326 shares of company stock valued at $846,941 over the last three months. 41.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of SYM. Rockefeller Capital Management L.P. acquired a new stake in Symbotic in the fourth quarter worth $29,000. Toronto Dominion Bank acquired a new stake in Symbotic in the fourth quarter worth $36,000. Altshuler Shaham Ltd acquired a new stake in shares of Symbotic during the third quarter worth $50,000. Advisor Group Holdings Inc. raised its holdings in shares of Symbotic by 30.4% during the fourth quarter. Advisor Group Holdings Inc. now owns 4,299 shares of the company’s stock worth $52,000 after acquiring an additional 1,002 shares during the period. Finally, Armstrong Advisory Group Inc. acquired a new stake in shares of Symbotic during the fourth quarter worth $68,000. 57.76% of the stock is currently owned by institutional investors and hedge funds.

Symbotic Stock Down 12.6 %

The business’s fifty day moving average is $22.44 and its 200 day moving average is $16.23. The firm has a market capitalization of $13.00 billion, a price-to-earnings ratio of -3.99 and a beta of 1.31.

Symbotic (NASDAQ:SYM – Get Rating) last issued its quarterly earnings data on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). Symbotic had a negative return on equity of 148.57% and a negative net margin of 6.08%. The company had revenue of $266.85 million for the quarter, compared to analyst estimates of $224.82 million. During the same quarter in the previous year, the business earned ($5.61) earnings per share. The company’s revenue was up 177.2% on a year-over-year basis. Equities research analysts expect that Symbotic Inc. will post -0.21 EPS for the current year.

Symbotic Company Profile

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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.