Symbotic (NASDAQ:SYM) Trading 3.6% Higher – Time to Buy?

Shares of Symbotic Inc. (NASDAQ:SYM) shot up 3.6% during mid-day trading on Tuesday . The company traded as high as $56.58 and last traded at $56.30. 1,173,082 shares traded hands during trading, a decline of 43% from the average session volume of 2,073,889 shares. The stock had previously closed at $54.35.

Analyst Ratings Changes

A number of research firms have recently weighed in on SYM. Robert W. Baird increased their price target on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, November 26th. Cantor Fitzgerald upped their price objective on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Wall Street Zen upgraded shares of Symbotic from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Oppenheimer reissued an “outperform” rating and issued a $83.00 price objective on shares of Symbotic in a report on Tuesday, November 25th. Finally, Needham & Company LLC raised their target price on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Symbotic has a consensus rating of “Hold” and a consensus price target of $60.57.

Symbotic Stock Performance

The stock has a market capitalization of $33.90 billion, a price-to-earnings ratio of -562.94, a PEG ratio of 5.39 and a beta of 2.13. The company has a fifty day simple moving average of $60.56 and a two-hundred day simple moving average of $60.52.

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

Insider Activity

In related news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares in the company, valued at $297,443,900. The trade was a 38.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider William M. Boyd III sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,204,212 shares of company stock valued at $385,123,962. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors have recently added to or reduced their stakes in the stock. MAI Capital Management boosted its position in Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. IAG Wealth Partners LLC bought a new position in shares of Symbotic in the second quarter valued at approximately $32,000. Parkside Financial Bank & Trust raised its position in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after buying an additional 268 shares during the last quarter. Quarry LP purchased a new stake in Symbotic in the 4th quarter valued at $36,000. Finally, Parallel Advisors LLC lifted its stake in Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares in the last quarter.

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.