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

Symbotic Inc. (NASDAQ:SYM) gapped up prior to trading 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 traded.

Several other analysts also recently weighed in on the stock. Citigroup cut their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Friday, October 11th. Northland Securities increased their price objective on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday. TD Cowen cut their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $44.54.

Insider Buying and Selling at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction on 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 represents a 40.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of Symbotic stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

Hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. increased its position in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Vanguard Group Inc. boosted its stake in Symbotic by 16.6% in the 1st 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. Thematics Asset Management raised its position in Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 shares during the period. Exchange Traded Concepts LLC raised its position in Symbotic by 76.8% during 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 during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares in the last quarter.

Symbotic Trading Up 29.0 %

The stock has a market capitalization of $23.08 billion, a price-to-earnings ratio of -207.26 and a beta of 1.81. The stock has a 50-day simple moving average of $27.00 and a 200 day simple moving average of $31.09.

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.