Symbotic (NASDAQ:SYM) Trading Up 2.6% – Should You Buy?

Symbotic Inc. (NASDAQ:SYM) shot up 2.6% during mid-day trading on Wednesday . The stock traded as high as $54.82 and last traded at $54.04. 790,632 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,953,498 shares. The stock had previously closed at $52.67.

Analyst Upgrades and Downgrades

SYM has been the topic of several research reports. UBS Group set a $70.00 price objective on shares of Symbotic in a report on Wednesday, February 18th. Northland Securities set a $73.00 target price on shares of Symbotic in a report on Thursday, February 5th. Wall Street Zen downgraded Symbotic from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. The Goldman Sachs Group reissued a “sell” rating and set a $50.00 price objective on shares of Symbotic in a report on Thursday, January 15th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Symbotic currently has a consensus rating of “Hold” and an average target price of $60.57.

Symbotic Stock Down 8.6%

The firm has a market cap of $29.27 billion, a PE ratio of -486.05, a PEG ratio of 5.42 and a beta of 2.13. The company has a 50-day simple moving average of $59.92 and a two-hundred day simple moving average of $60.52.

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

Insiders Place Their Bets

In other news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the company’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 transaction, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. This represents a 38.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rollin L. Ford sold 60,000 shares of Symbotic stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total value of $3,450,600.00. The SEC filing for this sale provides additional information. Insiders have sold 7,186,533 shares of company stock valued at $383,607,335 in the last quarter. 8.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Centerpoint Advisors LLC raised its position in shares of Symbotic by 16.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after buying an additional 200 shares in the last quarter. Federation des caisses Desjardins du Quebec lifted its holdings in Symbotic by 5.2% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after buying an additional 224 shares during the period. Barton Investment Management grew its position in shares of Symbotic by 0.8% in the 4th quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after buying an additional 233 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock valued at $677,000 after buying an additional 236 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of Symbotic by 67.3% during the fourth 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.