Symbotic (NASDAQ:SYM) Trading Up 8.9% – Should You Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price was up 8.9% during trading on Monday . The stock traded as high as $30.20 and last traded at $30.47. 594,649 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,932,445 shares. The stock had previously closed at $27.97.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SYM. The Goldman Sachs Group decreased their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Citigroup reduced their target price on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, April 14th. BWS Financial reaffirmed a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, UBS Group cut their price objective on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $37.20.

Symbotic Stock Up 15.7%

The company has a market capitalization of $19.07 billion, a P/E ratio of -461.25, a P/E/G ratio of 6.48 and a beta of 1.95. The firm’s 50-day moving average price is $25.01 and its 200 day moving average price is $25.15.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. The company had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. The business’s revenue for the quarter was up 39.7% on a year-over-year basis. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, CFO Carol J. Hibbard sold 4,628 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer now directly owns 54,011 shares of the company’s stock, valued at $1,221,728.82. This represents a 7.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 2,040 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total value of $45,369.60. Following the completion of the transaction, the insider now owns 23,822 shares of the company’s stock, valued at $529,801.28. This trade represents a 7.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,601 shares of company stock worth $1,092,430. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Symbotic by 15.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock worth $1,716,000 after purchasing an additional 11,098 shares during the period. S Squared Technology LLC raised its stake in shares of Symbotic by 6.7% in the first quarter. S Squared Technology LLC now owns 480,000 shares of the company’s stock valued at $9,701,000 after buying an additional 30,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Symbotic by 36.7% during the 1st quarter. Advisors Asset Management Inc. now owns 35,261 shares of the company’s stock worth $713,000 after acquiring an additional 9,459 shares during the period. Finally, Amundi increased its holdings in Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company’s stock worth $1,459,000 after acquiring an additional 24,993 shares during the last quarter.

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.