Symbotic (NASDAQ:SYM) Trading Up 8.7% – Should You Buy?

Shares of Symbotic Inc. (NASDAQ:SYM) were up 8.7% during mid-day trading on Friday . The company traded as high as $31.77 and last traded at $29.89. Approximately 2,621,813 shares changed hands during mid-day trading, an increase of 63% from the average daily volume of 1,606,756 shares. The stock had previously closed at $27.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. KeyCorp dropped their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. The Goldman Sachs Group decreased their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC dropped their price target on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Friday. Finally, TD Cowen dropped their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Stock Up 7.2 %

The stock has a 50 day moving average price of $22.24 and a two-hundred day moving average price of $33.66. The company has a market cap of $17.23 billion, a P/E ratio of -123.63 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same quarter last year, the company posted ($0.07) earnings per share. The company’s revenue was up 57.7% on a year-over-year basis. Equities analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Activity

In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $890,794.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Todd Krasnow sold 17,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,593,212.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now directly owns 23,012 shares in the company, valued at $890,794.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,987 shares of company stock worth $1,066,559. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in SYM. RFP Financial Group LLC increased its holdings in Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after purchasing an additional 242 shares during the period. Advisors Asset Management Inc. lifted its stake in Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after buying an additional 284 shares during the period. California State Teachers Retirement System increased its stake in shares of Symbotic by 4.5% in the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Symbotic by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after acquiring an additional 679 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Symbotic by 7.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after purchasing an additional 800 shares during the period.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.