Symbotic (NASDAQ:SYM) Shares Up 4.4%

Symbotic Inc. (NASDAQ:SYM)’s share price was up 4.4% on Monday . The company traded as high as $43.15 and last traded at $42.92. Approximately 702,731 shares traded hands during trading, a decline of 49% from the average daily volume of 1,372,678 shares. The stock had previously closed at $41.13.

Analysts Set New Price Targets

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. Northland Securities upped their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Craig Hallum increased their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a research report on Tuesday. Finally, William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.69.

Symbotic Trading Up 4.0 %

The company’s 50-day moving average price is $43.30 and its two-hundred day moving average price is $44.25. The company has a market cap of $27.91 billion, a P/E ratio of -179.11 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 the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, analysts anticipate that Symbotic Inc. will post -0.03 earnings per share for the current year.

Insider Activity

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other 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 Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,110,447 shares of company stock worth $275,410,529. 38.30% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

A number of institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp acquired a new position in shares of Symbotic in the 4th quarter valued at $26,000. Providence Capital Advisors LLC acquired a new position in shares of Symbotic in the third quarter worth about $33,000. RiverPark Advisors LLC purchased a new position in shares of Symbotic in the first quarter worth approximately $37,000. Global Retirement Partners LLC raised its holdings in shares of Symbotic by 166.7% during 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. Finally, Pingora Partners LLC purchased a new stake in shares of Symbotic in the 4th quarter valued at approximately $51,000.

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.