Symbotic Inc. (NASDAQ:SYM – Get Rating) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 628,400 shares, a growth of 29.0% from the September 15th total of 487,100 shares. Approximately 8.1% of the shares of the stock are sold short. Based on an average daily volume of 259,800 shares, the short-interest ratio is currently 2.4 days.
Insider Transactions at Symbotic
In other news, insider Michael David Dunn sold 42,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $14.49, for a total transaction of $608,580.00. Following the sale, the insider now owns 234,400 shares in the company, valued at $3,396,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders have sold 98,334 shares of company stock worth $1,352,282.
Institutional Trading of Symbotic
Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new stake in Symbotic during the 2nd quarter worth approximately $534,000. Navis Wealth Advisors LLC acquired a new position in Symbotic in the 2nd quarter valued at $8,067,000. Finally, SB Global Advisers Ltd acquired a new position in Symbotic in the 2nd quarter valued at $219,400,000.
Symbotic Stock Down 1.8 %
SYM stock traded down $0.25 during mid-day trading on Friday, reaching $13.50. The company had a trading volume of 116,442 shares, compared to its average volume of 259,106. The stock’s 50 day moving average is $12.96. Symbotic has a 52 week low of $9.01 and a 52 week high of $28.48.
Symbotic (NASDAQ:SYM – Get Rating) last released its quarterly earnings data on Monday, August 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $175.55 million during the quarter, compared to analyst estimates of $119.88 million. On average, equities research analysts anticipate that Symbotic will post -0.22 EPS for the current fiscal year.
Wall Street Analyst Weigh In
SYM has been the topic of several research reports. Cowen initiated coverage on Symbotic in a research note on Tuesday, June 21st. They set an “outperform” rating and a $18.00 price target on the stock. Needham & Company LLC increased their target price on Symbotic from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Cantor Fitzgerald began coverage on Symbotic in a research note on Wednesday, July 20th. They issued an “overweight” rating and a $24.00 target price on the stock. UBS Group began coverage on Symbotic in a research note on Monday, September 19th. They issued a “buy” rating and a $17.00 target price on the stock. Finally, The Goldman Sachs Group cut their target price on Symbotic from $19.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 11th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.73.
Symbotic Company Profile
Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Symbotic, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Symbotic wasn’t on the list.
While Symbotic currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Read More: Short Interest in Symbotic Inc. (NASDAQ:SYM) Increases By 29.0%