Symbotic (NASDAQ:SYM) Trading 3.4% Higher – Still a Buy?

Symbotic Inc. (NASDAQ:SYM) shares traded up 3.4% on Monday . The stock traded as high as $50.28 and last traded at $50.24. 1,902,564 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 1,924,402 shares. The stock had previously closed at $48.61.

Wall Street Analyst Weigh In

Several equities analysts have commented on SYM shares. Cantor Fitzgerald increased their price target on Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Needham & Company LLC boosted their price objective on shares of Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Oppenheimer reaffirmed an “outperform” rating and set a $83.00 price objective on shares of Symbotic in a report on Tuesday, November 25th. TD Cowen reiterated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Finally, Northland Securities set a $73.00 target price on shares of Symbotic in a report on Thursday, February 5th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $60.57.

Symbotic Trading Up 2.3%

The stock has a fifty day simple moving average of $59.34 and a 200-day simple moving average of $60.78. The stock has a market cap of $30.72 billion, a price-to-earnings ratio of -510.05, a price-to-earnings-growth ratio of 5.04 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data 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 the consensus estimate of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The firm’s revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.03) earnings per share. Sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, insider Maria G. Freve sold 8,306 shares of Symbotic stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $55.11, for a total transaction of $457,743.66. Following the sale, the insider owned 539 shares of the company’s stock, valued at approximately $29,704.29. This trade represents a 93.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO James Kuffner sold 3,669 shares of Symbotic stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $56.84, for a total transaction of $208,545.96. Following the sale, the chief technology officer owned 151,061 shares in the company, valued at $8,586,307.24. This represents a 2.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 186,533 shares of company stock valued at $11,137,335 over the last quarter. Company insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV increased its stake in Symbotic by 32.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock valued at $502,000 after acquiring an additional 2,056 shares during the period. NewEdge Advisors LLC grew its stake 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 purchasing an additional 7,145 shares during the period. Twinbeech Capital LP bought a new position in shares of Symbotic during the 4th quarter worth approximately $1,515,000. Polymer Capital Management US LLC acquired a new stake in Symbotic in the 4th quarter valued at $279,000. Finally, Readystate Asset Management LP bought a new stake in Symbotic in 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.