By otakuyassine3@gmail.com 
Symbotic Inc. (NASDAQ:SYM – Get Free Report) rose 9% on Tuesday . The stock traded as high as $32.05 and last traded at $32.43. Approximately 1,205,396 shares traded hands during trading, a decline of 55% from the average daily volume of 2,699,155 shares. The stock had previously closed at $29.76.
Wall Street Analysts Forecast Growth
SYM has been the subject of several research reports. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. Citigroup restated a “buy” rating and issued a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Northland Securities increased their price objective on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and an average price target of $38.73.
Read Our Latest Research Report on SYM
Symbotic Stock Performance
The stock’s 50 day moving average is $27.85 and its 200 day moving average is $27.39. The company has a market capitalization of $19.81 billion, a PE ratio of -557.00, a PEG ratio of 6.88 and a beta of 1.76.
Symbotic (NASDAQ:SYM – Get Free Report) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period last year, the company earned ($0.08) earnings per share. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. On average, equities research analysts forecast that Symbotic Inc. will post 0.14 EPS for the current fiscal year.
Insider Activity
In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 5,365 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $24.60, for a total value of $131,979.00. Following the sale, the insider now owns 31,860 shares in the company, valued at $783,756. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,844 shares of company stock worth $3,268,431 in the last three months. Corporate insiders own 38.30% of the company’s stock.
Hedge Funds Weigh In On Symbotic
Several institutional investors have recently modified their holdings of SYM. Castleview Partners LLC grew its stake in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after purchasing an additional 679 shares during the last quarter. Van ECK Associates Corp increased its holdings in Symbotic by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock valued at $85,000 after purchasing an additional 774 shares during the period. National Bank of Canada FI raised its position in Symbotic by 36.8% during the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock valued at $87,000 after purchasing an additional 957 shares during the last quarter. Finally, RiverPark Advisors LLC lifted its holdings in Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying an additional 1,211 shares during the period.
About Symbotic
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.
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