Symbotic (NASDAQ:SYM) Trading 1.9% Higher – Should You Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 1.9% during mid-day trading on Wednesday . The company traded as high as $55.28 and last traded at $53.96. 1,108,524 shares traded hands during trading, a decline of 44% from the average session volume of 1,989,226 shares. The stock had previously closed at $52.94.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SYM shares. Robert W. Baird lowered shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Thursday, August 7th. UBS Group reiterated a “sell” rating and set a $35.00 price objective (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Needham & Company LLC increased their price objective on shares of Symbotic from $32.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. Finally, DA Davidson reiterated a “neutral” rating and issued a $47.00 price target (up previously from $35.00) on shares of Symbotic in a report on Monday, August 25th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Symbotic currently has a consensus rating of “Hold” and an average price target of $44.41.

Symbotic Price Performance

The company has a market cap of $31.86 billion, a P/E ratio of -770.75, a price-to-earnings-growth ratio of 9.58 and a beta of 2.10. The stock has a fifty day moving average price of $63.65 and a two-hundred day moving average price of $48.87.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Maria G. Freve sold 662 shares of Symbotic stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total transaction of $46,968.90. Following the transaction, the insider directly owned 1,312 shares of the company’s stock, valued at $93,086.40. The trade was a 33.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Ladensohn sold 23,000 shares of the company’s stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $66.75, for a total transaction of $1,535,250.00. Following the completion of the sale, the insider owned 5,000 shares of the company’s stock, valued at approximately $333,750. The trade was a 82.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 286,494 shares of company stock worth $14,884,014. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently modified their holdings of the company. MAI Capital Management grew its holdings in shares of Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. AdvisorNet Financial Inc purchased a new position in Symbotic in the second quarter worth $32,000. IAG Wealth Partners LLC bought a new position in Symbotic in the 2nd quarter valued at $32,000. Ameriflex Group Inc. grew its stake in Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. Finally, Gables Capital Management Inc. purchased a new stake in shares of Symbotic during the 2nd quarter valued at $39,000.

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.