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

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares gapped up before the market opened on Tuesday after KeyCorp raised their price target on the stock from $40.00 to $48.00. The stock had previously closed at $30.56, but opened at $37.93. KeyCorp currently has an overweight rating on the stock. Symbotic shares last traded at $39.42, with a volume of 3,511,022 shares changing hands.

SYM has been the subject of a number of other reports. Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Symbotic from $58.00 to $59.00 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. Robert W. Baird cut their target price on shares of Symbotic from $53.00 to $41.00 and set an "outperform" rating for the company in a research note on Wednesday, July 31st. Craig Hallum decreased their target price on Symbotic from $54.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group decreased their price target on Symbotic from $40.00 to $30.00 and set a "neutral" rating for the company in a research report on Wednesday, July 31st. One research 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. Based on data from MarketBeat.com, Symbotic has a consensus rating of "Moderate Buy" and a consensus price target of $44.31.

Insider Activity

In other Symbotic news, Director Merline Saintil sold 5,250 shares of Symbotic stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.70, for a total value of $150,675.00. Following the transaction, the director now directly owns 74,562 shares of the company's stock, valued at $2,139,929.40. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares of the company's stock, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock worth $1,378,056 in the last three months. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company's stock worth $109,189,000 after purchasing an additional 345,386 shares during the period. Canada Pension Plan Investment Board raised its position in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company's stock worth $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Blair William & Co. IL lifted its stake in Symbotic by 418.1% during the first quarter. Blair William & Co. IL now owns 33,365 shares of the company's stock worth $1,501,000 after purchasing an additional 26,925 shares during the period. Comerica Bank raised its holdings in shares of Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company's stock worth $749,000 after buying an additional 15,491 shares in the last quarter. Finally, Baillie Gifford & Co. lifted 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 buying an additional 3,410,050 shares during the period.

Symbotic Trading Up 27.7 %

The company has a 50 day moving average of $27.00 and a 200 day moving average of $31.09. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $576.77 million during the quarter, compared to analysts' expectations of $470.24 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Symbotic's quarterly revenue was up 47.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic Inc. will post -0.08 EPS 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.