Symbotic Inc. (NASDAQ:SYM) Sees Large Increase in Short Interest

Symbotic Inc. (NASDAQ:SYM) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 16,040,000 shares, a growth of 23.0% from the November 15th total of 13,040,000 shares. Approximately 39.7% of the shares of the stock are sold short. Based on an average trading volume of 2,450,000 shares, the short-interest ratio is currently 6.5 days.

Symbotic Stock Performance

Shares of SYM stock traded down $0.14 during trading on Friday, hitting $26.87. 2,062,683 shares of the company were exchanged, compared to its average volume of 4,334,410. The business’s 50-day simple moving average is $29.55 and its 200 day simple moving average is $29.38. Symbotic has a twelve month low of $17.11 and a twelve month high of $58.28. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of -447.83 and a beta of 1.73.

Symbotic (NASDAQ:SYM) last issued 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. The company 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 revenue for the quarter was up 47.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. On average, equities analysts forecast that Symbotic will post 0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on SYM. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $50.00 to $35.00 in a research report on Wednesday, November 27th. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a report on Wednesday, November 27th. 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 report on Wednesday, November 27th. Northland Securities increased their price target on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, William Blair restated a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Symbotic has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Insider Activity

In related news, insider Michael David Dunn sold 5,266 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares of the company’s stock, valued at $2,029,183.44. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 111,745 shares of company stock worth $3,261,675 over the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. RFP Financial Group LLC raised its stake in Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the last quarter. Castleview Partners LLC raised its position in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after buying an additional 654 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after buying an additional 679 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Symbotic by 28.4% in the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock valued at $85,000 after acquiring an additional 774 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.