Symbotic (NASDAQ:SYM) Stock Price Up 1.4% – Time to Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 1.4% during trading on Thursday . The stock traded as high as $59.45 and last traded at $54.72. 2,838,120 shares were traded during trading, an increase of 42% from the average session volume of 1,993,099 shares. The stock had previously closed at $53.96.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SYM. Baird R W cut Symbotic from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th. Arete lowered shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Friday, July 25th. Barclays initiated coverage on shares of Symbotic in a report on Tuesday, October 7th. They set an “underweight” rating and a $38.00 target price for the company. DA Davidson restated a “neutral” rating and set a $47.00 target price (up previously from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Finally, Wall Street Zen upgraded shares of Symbotic from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $44.41.

Symbotic Stock Up 1.4%

The business’s fifty day moving average price is $63.86 and its 200 day moving average price is $48.95. The firm has a market capitalization of $32.31 billion, a PE ratio of -781.60, a P/E/G ratio of 8.91 and a beta of 2.10.

Insider Activity

In other news, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $76.75, for a total value of $307,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Ladensohn sold 13,500 shares of the company’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $74.44, for a total value of $1,004,940.00. Following the completion of the transaction, the insider owned 2,000 shares of the company’s stock, valued at $148,880. The trade was a 87.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 288,160 shares of company stock valued at $14,980,942 over the last quarter. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SYM. Vanguard Group Inc. grew its holdings in Symbotic by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock valued at $253,062,000 after purchasing an additional 98,384 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares during the period. UBS Group AG increased its holdings in shares of Symbotic by 22.3% during the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after buying an additional 201,547 shares during the last quarter. Raymond James Financial Inc. raised its position in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after buying an additional 105,616 shares during the period. Finally, TCW Group Inc. raised its position in shares of Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock worth $11,993,000 after buying an additional 10,487 shares during the period.

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.