Symbotic (NASDAQ:SYM) Trading Up 3% – Still a Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 3% during mid-day trading on Monday . The stock traded as high as $54.79 and last traded at $53.73. 2,181,303 shares were traded during trading, an increase of 11% from the average session volume of 1,973,983 shares. The stock had previously closed at $52.14.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Robert W. Baird lowered shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Thursday, August 7th. Northland Securities raised their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research report on Friday, July 18th. UBS Group reaffirmed a “sell” rating and set a $35.00 price objective (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Finally, Wall Street Zen downgraded shares of Symbotic from a “hold” rating to a “sell” rating in a research report on Friday. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and an average target price of $43.75.

Symbotic Trading Up 3.0%

The firm’s 50-day moving average is $51.12 and its 200-day moving average is $36.81. The firm has a market cap of $31.73 billion, a price-to-earnings ratio of -767.46 and a beta of 2.05.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.02) EPS. Analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Symbotic news, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares of the company’s stock, valued at $748,125.99. The trade was a 86.12% 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, Director Todd Krasnow sold 30,000 shares of Symbotic stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 483,032 shares of company stock worth $23,897,448. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Symbotic by 16.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock worth $27,155,000 after buying an additional 187,538 shares during the last quarter. Raymond James Financial Inc. boosted its holdings 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 last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Symbotic by 18.0% in the 1st quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock worth $13,758,000 after buying an additional 104,068 shares during the last quarter. TCW Group Inc. boosted its holdings 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 last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Symbotic by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock worth $21,419,000 after buying an additional 4,892 shares during the last quarter.

About Symbotic

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.