Symbotic (NASDAQ:SYM) Trading Up 2.4% – Time to Buy?

Symbotic Inc. (NASDAQ:SYM) shares were up 2.4% on Thursday . The company traded as high as $51.77 and last traded at $51.28. Approximately 960,291 shares were traded during trading, a decline of 47% from the average daily volume of 1,826,798 shares. The stock had previously closed at $50.06.

Analyst Ratings Changes

A number of equities analysts have recently commented on SYM shares. UBS Group set a $70.00 target price on shares of Symbotic in a research report on Wednesday, February 18th. The Goldman Sachs Group reissued a “sell” rating and issued a $50.00 price objective on shares of Symbotic in a research note on Thursday, January 15th. Robert W. Baird lifted their target price on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Oppenheimer reissued an “outperform” rating and set a $83.00 price target on shares of Symbotic in a research report on Tuesday, November 25th. Finally, Wall Street Zen lowered Symbotic from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.71.

Symbotic Stock Up 2.4%

The company’s 50 day simple moving average is $57.58 and its two-hundred day simple moving average is $60.82. The company has a market capitalization of $30.88 billion, a price-to-earnings ratio of -512.75, a P/E/G ratio of 5.26 and a beta of 2.13.

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

Insiders Place Their Bets

In other Symbotic news, Director Rollin L. Ford sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $3,450,600.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $47.70, for a total transaction of $95,400.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 193,492 shares of company stock valued at $11,449,123. 8.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after purchasing an additional 2,237,137 shares during the period. Morgan Stanley boosted its position in Symbotic by 85.4% in the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock valued at $150,587,000 after buying an additional 1,165,513 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Symbotic by 51,346.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock worth $129,375,000 after buying an additional 2,178,615 shares during the period. UBS Group AG increased its holdings in Symbotic by 22.3% in 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 period. Finally, Ghisallo Capital Management LLC purchased a new position in Symbotic during the 4th quarter worth approximately $63,034,000.

About Symbotic

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.