Symbotic (NASDAQ:SYM) Shares Gap Up – Time to Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $47.41, but opened at $50.17. Symbotic shares last traded at $49.58, with a volume of 152,790 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SYM. TD Cowen reaffirmed a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. DA Davidson raised their price objective on Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 target price on shares of Symbotic in a research note on Thursday, January 15th. Finally, Needham & Company LLC upped their target price on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Six equities 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, Symbotic presently has an average rating of “Hold” and a consensus price target of $60.71.

Symbotic Stock Performance

The stock has a 50 day moving average price of $54.67 and a two-hundred day moving average price of $61.13. The company has a market capitalization of $30.03 billion, a PE ratio of -499.54, a P/E/G ratio of 5.05 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last announced its quarterly 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 the consensus estimate of $622.58 million. During the same period in the previous year, the firm posted ($0.03) EPS. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. Sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Transactions at Symbotic

In other news, CTO James Kuffner sold 3,669 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total transaction of $208,545.96. Following the transaction, the chief technology officer owned 151,061 shares in the company, valued at $8,586,307.24. This represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $47.70, for a total transaction of $95,400.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 193,492 shares of company stock valued at $11,449,123. Insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

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