Symbotic (NASDAQ:SYM) Shares Gap Up - What's Next?

Symbotic Inc. (NASDAQ:SYM - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $26.77, but opened at $32.51. Symbotic shares last traded at $31.50, with a volume of 4,681,543 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. BWS Financial reissued a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. 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 research report on Wednesday, November 27th. KeyCorp reissued a "sector weight" rating on shares of Symbotic in a research note on Wednesday, November 27th. The Goldman Sachs Group cut their target price on Symbotic from $34.00 to $28.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 4th. Finally, Oppenheimer initiated coverage on Symbotic in a research note on Wednesday. They set an "outperform" rating and a $35.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $38.73.

Symbotic Stock Down 6.5 %

The stock's 50 day moving average is $28.04 and its two-hundred day moving average is $27.59. The company has a market capitalization of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company's quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) EPS. On average, sell-side analysts predict that Symbotic Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Merline Saintil sold 5,250 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.70, for a total transaction of $150,675.00. Following the completion of the sale, the director now directly owns 74,562 shares of the company's stock, valued at approximately $2,139,929.40. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of Symbotic stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the transaction, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. The trade was a 1.91 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently made changes to their positions in SYM. Castleview Partners LLC grew its stake in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company's stock worth $37,000 after buying an additional 500 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company's stock worth $304,000 after acquiring an additional 679 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Symbotic by 28.4% in the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company's stock worth $85,000 after acquiring an additional 774 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Symbotic by 36.8% during the third quarter. National Bank of Canada FI now owns 3,557 shares of the company's stock worth $87,000 after acquiring an additional 957 shares during the last quarter. Finally, RiverPark Advisors LLC increased its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company's stock valued at $50,000 after acquiring an additional 1,211 shares in the last quarter.

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.