Symbotic (NASDAQ:SYM) Shares Gap Up After Analyst Upgrade

Symbotic Inc. (NASDAQ:SYM) gapped up before the market opened on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $57.00 to $58.00. The stock had previously closed at $41.94, but opened at $47.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Symbotic shares last traded at $46.96, with a volume of 843,759 shares trading hands.

Several other brokerages also recently commented on SYM. Robert W. Baird lifted their price target on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday. William Blair reiterated a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, February 7th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, February 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a research report on Tuesday. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Symbotic has a consensus rating of “Moderate Buy” and a consensus price target of $55.77.

Insider Activity at Symbotic

In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a filing with the SEC, which is available at this link. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock valued at $275,410,529 in the last 90 days. 38.30% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Several hedge funds have recently modified their holdings of SYM. Commonwealth Equity Services LLC boosted its holdings in Symbotic by 70.8% in the third quarter. Commonwealth Equity Services LLC now owns 16,266 shares of the company’s stock valued at $544,000 after acquiring an additional 6,743 shares during the last quarter. Raymond James & Associates grew its position in shares of Symbotic by 19.5% during the 3rd quarter. Raymond James & Associates now owns 502,488 shares of the company’s stock worth $16,798,000 after buying an additional 82,116 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Symbotic by 176.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock worth $2,525,000 after buying an additional 48,214 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Symbotic by 15.3% in the third quarter. Bank of New York Mellon Corp now owns 60,466 shares of the company’s stock valued at $2,021,000 after buying an additional 8,041 shares during the period. Finally, New World Advisors LLC bought a new position in Symbotic in the third quarter valued at approximately $501,000.

Symbotic Stock Performance

The firm’s 50-day simple moving average is $43.12 and its 200 day simple moving average is $44.22. The company has a market cap of $26.83 billion, a P/E ratio of -172.22 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. As a group, research analysts forecast that Symbotic Inc. will post -0.03 earnings per share for the current year.

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.