Symbotic (NASDAQ:SYM) Trading 2% Higher – Still a Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price traded up 2% during trading on Thursday . The company traded as high as $56.32 and last traded at $55.08. 1,305,958 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,146,724 shares. The stock had previously closed at $54.01.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SYM. Northcoast Research cut shares of Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. TD Cowen restated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Robert W. Baird upped their price target on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald raised their price objective on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $60.57.

Symbotic Trading Up 2.0%

The stock has a market capitalization of $33.17 billion, a price-to-earnings ratio of -550.74, a P/E/G ratio of 7.38 and a beta of 2.13. The firm has a 50-day moving average of $61.00 and a 200-day moving average of $60.61.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share 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 for the quarter, compared to analysts’ expectations of $622.58 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The firm’s revenue for the quarter was up 29.4% compared to the same quarter last year. On average, equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In related news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the transaction, the insider directly owned 5,590,000 shares in the company, valued at $297,443,900. The trade was a 38.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the stock in a transaction dated 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 sale, the insider directly owned 5,590,000 shares in the company, valued at $297,443,900. This represents a 38.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,204,212 shares of company stock worth $385,123,962 in the last ninety days. 8.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. MAI Capital Management lifted its holdings in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the period. IAG Wealth Partners LLC purchased a new position in shares of Symbotic during the 2nd quarter valued at approximately $32,000. Parkside Financial Bank & Trust increased its holdings in shares of Symbotic by 100.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after purchasing an additional 268 shares in the last quarter. Quarry LP acquired a new position in shares of Symbotic in the 4th quarter valued at $36,000. Finally, Parallel Advisors LLC boosted its holdings in Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after buying an additional 249 shares in the last quarter.

Symbotic Company Profile

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.