Short Interest in Symbotic Inc. (NASDAQ:SYM) Expands By 23.0%

Symbotic Inc. (NASDAQ:SYM) was the target of a large growth in short interest in the month of 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 company’s stock are short sold. Based on an average daily volume of 2,450,000 shares, the short-interest ratio is currently 6.5 days.

Analyst Ratings Changes

A number of research firms recently issued reports on SYM. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. TD Cowen boosted their price target on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus price target of $42.54.

Symbotic Trading Down 0.5 %

SYM stock traded down $0.14 during midday trading on Friday, reaching $26.87. The stock had a trading volume of 2,062,683 shares, compared to its average volume of 1,805,889. Symbotic has a 52-week low of $17.11 and a 52-week high of $58.28. The company has a market cap of $15.78 billion, a price-to-earnings ratio of -447.83 and a beta of 1.73. The company’s fifty day simple moving average is $29.55 and its 200 day simple moving average is $29.46.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) earnings per share. Sell-side analysts predict that Symbotic will post 0.12 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael David Dunn sold 63,867 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the transaction, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,745 shares of company stock valued at $3,261,675. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the company. Castleview Partners LLC boosted its stake in shares of Symbotic by 50.0% in the 3rd 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 period. RFP Financial Group LLC raised its holdings in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares in the last quarter. Quarry LP purchased a new position in Symbotic in the second quarter worth approximately $65,000. Arcadia Investment Management Corp MI acquired a new position in Symbotic during the 3rd quarter worth approximately $49,000. Finally, RiverPark Advisors LLC increased its position in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during 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.