Symbotic (NASDAQ:SYM) Stock Price Up 1.4% – Should You Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 1.4% during mid-day trading on Friday . The company traded as high as $61.09 and last traded at $59.00. 2,931,118 shares changed hands during mid-day trading, an increase of 33% from the average session volume of 2,202,243 shares. The stock had previously closed at $58.19.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Robert W. Baird raised their target price on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. DA Davidson reiterated a “neutral” rating and set a $47.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Oppenheimer reaffirmed an “outperform” rating and set a $83.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. Finally, Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research report on Sunday, November 30th. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $56.50.

Symbotic Trading Up 1.4%

The business has a 50 day simple moving average of $67.68 and a two-hundred day simple moving average of $54.47. The stock has a market cap of $34.90 billion, a price-to-earnings ratio of -393.33, a price-to-earnings-growth ratio of 15.88 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The business had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. Research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Group Corp. Softbank sold 3,500,000 shares of Symbotic stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares in the company, valued at approximately $297,443,900. This trade represents a 38.50% decrease in their position. The sale 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 11,735 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider directly owned 26,769 shares in the company, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,085,508 shares of company stock valued at $378,798,933. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Amanah Holdings Trust acquired a new stake in shares of Symbotic during the 2nd quarter valued at $19,824,000. ARK Investment Management LLC grew its stake in Symbotic by 13.3% during the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after acquiring an additional 52,205 shares in the last quarter. Amundi lifted its position 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 buying an additional 24,993 shares in the last quarter. Hunter Associates Investment Management LLC purchased a new stake in shares of Symbotic during the second quarter worth $361,000. Finally, Prospera Financial Services Inc purchased a new stake in shares of Symbotic during the 2nd quarter worth about $861,000.

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.