Symbotic Target of Unusually High Options Trading (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) was the target of unusually large options trading activity on Thursday. Stock traders purchased 14,612 call options on the stock. This is an increase of 41% compared to the typical daily volume of 10,333 call options.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of research analyst reports. Needham & Company LLC reduced their target price on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. UBS Group reduced their price objective on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. TD Cowen raised their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Citigroup reaffirmed a “buy” rating and set a $37.00 price target on shares of Symbotic in a research report on Monday. Finally, Northland Securities boosted their price objective on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.53.

Insiders Place Their Bets

In other Symbotic news, Director Merline Saintil sold 5,250 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.70, for a total transaction of $150,675.00. Following the transaction, the director now owns 74,562 shares in the company, valued at approximately $2,139,929.40. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 5,365 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $24.60, for a total transaction of $131,979.00. Following the completion of the transaction, the insider now directly owns 31,860 shares of the company’s stock, valued at approximately $783,756. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. boosted its position in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares during the period. Finally, Thematics Asset Management lifted its stake in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares in the last quarter.

Symbotic Stock Up 20.5 %

Shares of Symbotic stock traded up $5.50 on Thursday, reaching $32.27. The company’s stock had a trading volume of 10,086,481 shares, compared to its average volume of 2,451,561. Symbotic has a 52-week low of $17.11 and a 52-week high of $52.20. The company has a market capitalization of $18.95 billion, a P/E ratio of -530.28 and a beta of 1.76. The stock has a 50-day moving average price of $28.06 and a 200-day moving average price of $27.56.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the business earned ($0.08) EPS. Symbotic’s quarterly revenue was up 47.2% on a year-over-year basis. Sell-side analysts forecast that Symbotic will post 0.12 earnings per share for the current fiscal year.

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.