Symbotic (NASDAQ:SYM) Shares Gap Up – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $38.78, but opened at $40.65. Symbotic shares last traded at $38.55, with a volume of 400,504 shares.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SYM shares. BWS Financial reissued a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. KeyCorp lifted their target price on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Robert W. Baird decreased their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Citigroup dropped their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Price Performance

The company has a market cap of $21.94 billion, a PE ratio of -646.33 and a beta of 1.81. The business has a fifty day simple moving average of $28.43 and a two-hundred day simple moving average of $30.90.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the business posted ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities research analysts predict that Symbotic Inc. will post 0.36 EPS for the current year.

Insider Activity

In related news, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the business. Castleview Partners LLC grew its stake in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Symbotic during the third quarter valued at $49,000. RiverPark Advisors LLC grew its position in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the period. RFP Financial Group LLC boosted its holdings in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the last quarter. Finally, Quest Partners LLC increased its stake in Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after buying an additional 2,510 shares in the last quarter.

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.