Symbotic (NASDAQ:SYM) Trading Up 2.6% – Still a Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price rose 2.6% during trading on Wednesday . The company traded as high as $54.82 and last traded at $54.04. Approximately 790,632 shares changed hands during trading, a decline of 60% from the average daily volume of 1,953,498 shares. The stock had previously closed at $52.67.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SYM. Barclays raised their target price on shares of Symbotic from $41.00 to $42.00 and gave the company an “underweight” rating in a report on Monday, January 12th. Robert W. Baird lifted their price objective on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. DA Davidson upped their target price on shares of Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Finally, Oppenheimer restated an “outperform” rating and set a $83.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $60.57.

Symbotic Stock Performance

The company has a market capitalization of $32.54 billion, a P/E ratio of -540.35, a PEG ratio of 5.43 and a beta of 2.13. The company’s fifty day simple moving average is $60.11 and its 200-day simple moving average is $60.62.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). The business had revenue of $629.99 million during the quarter, compared to analysts’ expectations of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.Symbotic’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. On average, sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In other news, insider William M. Boyd III sold 15,000 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. This trade represents a 38.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,186,533 shares of company stock worth $383,607,335 in the last three months. 8.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently modified their holdings of SYM. Mercer Global Advisors Inc. ADV increased its holdings in Symbotic by 32.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock worth $502,000 after buying an additional 2,056 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Symbotic by 278.4% in the 4th quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock valued at $578,000 after acquiring an additional 7,145 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of Symbotic in the 4th quarter valued at $1,515,000. Polymer Capital Management US LLC purchased a new position in shares of Symbotic during the fourth quarter worth $279,000. Finally, Readystate Asset Management LP acquired a new position in Symbotic during the fourth quarter valued at $470,000.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.