Symbotic Inc. (NASDAQ:SYM) Short Interest Update

Symbotic Inc. (NASDAQ:SYM) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 16,000,000 shares, an increase of 17.9% from the August 15th total of 13,570,000 shares. Based on an average trading volume of 1,890,000 shares, the days-to-cover ratio is currently 8.5 days. Currently, 41.6% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Vertical Research initiated coverage on shares of Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price on the stock. The Goldman Sachs Group decreased their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. TD Cowen dropped their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Citigroup lowered their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, BWS Financial reaffirmed a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $43.23.

Insider Activity

In other Symbotic news, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the completion of the transaction, the insider now owns 76,808 shares of the company’s stock, valued at approximately $2,725,915.92. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Michael David Dunn sold 5,188 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $184,122.12. Following the completion of the transaction, the insider now directly owns 76,808 shares in the company, valued at approximately $2,725,915.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the transaction, the insider now owns 23,012 shares in the company, valued at $890,794.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. purchased a new stake in shares of Symbotic in the 1st quarter worth approximately $426,752,000. 1832 Asset Management L.P. grew its stake in shares of Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Vanguard Group Inc. raised its position in shares of 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 last quarter. Finally, Zevenbergen Capital Investments LLC boosted its stake in Symbotic by 1,826.2% in the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after purchasing an additional 342,417 shares in the last quarter.

Symbotic Stock Performance

Shares of NASDAQ SYM traded up $0.65 during midday trading on Friday, hitting $21.14. 2,475,747 shares of the company traded hands, compared to its average volume of 2,234,701. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The stock has a 50-day moving average price of $26.92 and a 200 day moving average price of $36.13. The firm has a market cap of $12.38 billion, a P/E ratio of -88.08 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The firm had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. During the same period in the prior year, the company posted ($0.07) EPS. The firm’s revenue was up 57.7% on a year-over-year basis. As a group, equities analysts expect that Symbotic will post -0.08 earnings per share for the current year.

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.