Symbotic (NASDAQ:SYM) Shares Up 1.3% – Time to Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 1.3% during mid-day trading on Monday . The company traded as high as $61.97 and last traded at $60.48. 4,167,676 shares changed hands during mid-day trading, an increase of 92% from the average session volume of 2,171,073 shares. The stock had previously closed at $59.70.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of analyst reports. DA Davidson restated a “neutral” rating and set a $47.00 price objective on shares of Symbotic in a research note on Tuesday, November 25th. The Goldman Sachs Group downgraded shares of Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 target price for the company. in a report on Tuesday, December 2nd. Barclays raised their price target on shares of Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a report on Wednesday, November 26th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $56.50.

Symbotic Trading Up 1.3%

The company’s 50-day moving average is $68.08 and its 200 day moving average is $52.84. The stock has a market capitalization of $35.78 billion, a PE ratio of -403.20, a price-to-earnings-growth ratio of 16.94 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company had revenue of $618.46 million for the quarter, compared to analyst estimates of $604.00 million. During the same quarter in the previous year, the company posted $0.47 EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. Sell-side analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO James Kuffner sold 8,348 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $81.30, for a total value of $678,692.40. Following the completion of the transaction, the chief technology officer directly owned 30,640 shares in the company, valued at $2,491,032. This trade represents a 21.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider directly owned 26,769 shares of the company’s stock, valued at $2,197,467.21. This trade represents a 30.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 85,508 shares of company stock worth $6,304,555 over the last three months. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently bought and sold shares of SYM. MAI Capital Management boosted its holdings in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Ameriflex Group Inc. raised its holdings in shares of Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares during the last quarter. Strategic Advocates LLC acquired a new position in Symbotic during the third quarter valued at $42,000. IAG Wealth Partners LLC purchased a new stake in Symbotic in the second quarter valued at $32,000. Finally, AdvisorNet Financial Inc acquired a new stake in Symbotic during the 2nd quarter worth about $32,000.

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.