Symbotic (NASDAQ:SYM) Announces Quarterly Earnings Results

Symbotic (NASDAQ:SYM) posted its quarterly earnings data on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01, Zacks reports. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%.

Symbotic Price Performance

Shares of SYM stock traded up $0.62 during midday trading on Wednesday, hitting $30.92. The company had a trading volume of 3,224,372 shares, compared to its average volume of 2,406,140. Symbotic has a 52-week low of $17.11 and a 52-week high of $50.40. The company’s 50 day simple moving average is $26.97 and its 200 day simple moving average is $26.79. The stock has a market cap of $18.16 billion, a price-to-earnings ratio of -515.33, a PEG ratio of 7.29 and a beta of 1.79.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 5,365 shares of the business’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 directly owns 31,860 shares in the company, valued at $783,756. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,952 shares of company stock valued at $2,703,421 over the last three months. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Northland Securities increased their price target on shares of Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. UBS Group dropped their price objective on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, January 21st. Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a report on Wednesday, November 27th. Finally, William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $38.73.

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.