Symbotic (NASDAQ:SYM) Trading Up 2.3% – Still a Buy?

Shares of Symbotic Inc. (NASDAQ:SYM) were up 2.3% on Thursday . The company traded as high as $57.57 and last traded at $57.42. Approximately 1,161,281 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 2,047,810 shares. The stock had previously closed at $56.14.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SYM. Robert W. Baird increased their price objective on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, November 26th. Northland Securities set a $73.00 price target on shares of Symbotic in a research report on Thursday, February 5th. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. UBS Group set a $70.00 target price on Symbotic in a report on Wednesday, February 18th. Finally, Oppenheimer reissued an “outperform” rating and issued a $83.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Six equities 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.57.

Symbotic Price Performance

The company’s 50-day moving average is $60.44 and its 200-day moving average is $60.50. The firm has a market capitalization of $34.58 billion, a price-to-earnings ratio of -574.14, a PEG ratio of 5.64 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The company had revenue of $629.99 million for 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%.The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. Sell-side analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In related news, insider Maria G. Freve sold 8,306 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $55.11, for a total value of $457,743.66. Following the transaction, the insider owned 539 shares in the company, valued at approximately $29,704.29. This trade represents a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $53.73, for a total transaction of $214,920.00. The SEC filing for this sale provides additional information. Insiders have sold 7,199,533 shares of company stock valued at $384,653,815 in the last 90 days. 8.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in SYM. MAI Capital Management increased its holdings in Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares in the last quarter. IAG Wealth Partners LLC purchased a new stake in shares of Symbotic in the second quarter worth about $32,000. Parkside Financial Bank & Trust raised its holdings in shares of Symbotic by 100.0% during 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 period. Quarry LP acquired a new position in Symbotic during the 4th quarter worth approximately $36,000. Finally, Parallel Advisors LLC boosted its holdings in Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after acquiring an additional 249 shares during the period.

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.