Symbotic (NASDAQ:SYM) Shares Gap Up to $43.09

Posted by on Jun 12th, 2023

Symbotic Inc. (NASDAQ:SYM – Get Rating)’s share price gapped up prior to trading on Monday . The stock had previously closed at $43.09, but opened at $44.31. Symbotic shares last traded at $40.99, with a volume of 378,230 shares.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of research reports. Craig Hallum initiated coverage on shares of Symbotic in a research note on Monday, April 17th. They set a “buy” rating and a $35.00 target price for the company. Cantor Fitzgerald lifted their target price on shares of Symbotic from $24.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, April 20th. DA Davidson raised their price target on shares of Symbotic from $30.00 to $36.00 in a report on Wednesday, May 24th. Citigroup raised their price target on shares of Symbotic from $16.00 to $32.00 and gave the company a “buy” rating in a report on Monday, April 10th. Finally, Northland Securities raised their price target on shares of Symbotic from $30.00 to $35.00 in a report on Monday, May 22nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.77.

Symbotic Price Performance

The firm has a market capitalization of $22.96 billion, a P/E ratio of -115.60 and a beta of 1.31. The stock’s 50 day moving average is $29.65 and its two-hundred day moving average is $20.25.

Symbotic (NASDAQ:SYM – Get Rating) last issued its earnings results on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). The firm had revenue of $266.85 million during the quarter, compared to the consensus estimate of $224.82 million. Symbotic had a negative net margin of 2.26% and a negative return on equity of 78.17%. The firm’s revenue for the quarter was up 177.2% on a year-over-year basis. During the same period in the previous year, the company posted ($5.61) EPS. As a group, equities research analysts expect that Symbotic Inc. will post -0.28 EPS for the current year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 2,815 shares of the stock in a transaction on Monday, April 3rd. The shares were 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 owns 146,819 shares in the company, valued at $3,419,414.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic news, insider Michael David Dunn sold 2,815 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $23.29, for a total value of $65,561.35. Following the completion of the sale, the insider now owns 146,819 shares in the company, valued at $3,419,414.51. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rollin L. Ford purchased 8,000 shares of the business’s stock in a transaction on Monday, May 15th. The stock was purchased at an average price of $24.70 per share, with a total value of $197,600.00. Following the purchase, the director now owns 8,000 shares of the company’s stock, valued at $197,600. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 48,895 shares of company stock worth $1,595,551. 41.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the stock. Softbank Group CORP. increased its position in Symbotic by 1,000.0% during the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after acquiring an additional 20,000,000 shares during the period. Saba Capital Management L.P. boosted its stake in shares of Symbotic by 458.4% in the 3rd quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock valued at $27,779,000 after purchasing an additional 2,291,828 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Symbotic by 202.3% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock valued at $23,780,000 after purchasing an additional 696,727 shares in the last quarter. Navis Wealth Advisors LLC boosted its stake in shares of Symbotic by 21.0% in the 1st quarter. Navis Wealth Advisors LLC now owns 913,554 shares of the company’s stock valued at $20,866,000 after purchasing an additional 158,856 shares in the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Symbotic in the 1st quarter valued at approximately $13,919,000. 57.76% of the stock is owned by institutional investors.

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.

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