Symbotic (NASDAQ:SYM) Trading 2.3% Higher – Time to Buy?

Symbotic Inc. (NASDAQ:SYM) shot up 2.3% during trading on Thursday . The company traded as high as $57.57 and last traded at $57.42. 1,161,281 shares changed hands during trading, a decline of 43% from the average session volume of 2,047,810 shares. The stock had previously closed at $56.14.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SYM shares. The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 price target on shares of Symbotic in a report on Thursday, January 15th. Robert W. Baird lifted their target price on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Barclays boosted their price target on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research note on Monday, January 12th. Citigroup restated an “outperform” rating on shares of Symbotic in a research note on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $60.57.

Symbotic Trading Up 2.3%

The stock’s 50-day moving average price is $60.44 and its 200-day moving average price is $60.50. The company has a market capitalization of $34.58 billion, a P/E ratio of -574.14, a P/E/G ratio of 5.64 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data 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 return on equity of 1.88% and a negative net margin of 0.45%.The business had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. During the same quarter last year, the company earned ($0.03) EPS. Symbotic’s revenue was up 29.4% compared to the same quarter last year. Sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other Symbotic news, CTO James Kuffner sold 3,669 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total value of $208,545.96. Following the sale, the chief technology officer owned 151,061 shares in the company, valued at approximately $8,586,307.24. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $53.73, for a total value of $214,920.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,199,533 shares of company stock worth $384,653,815 over the last 90 days. Corporate insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SYM. MAI Capital Management grew its stake in shares of Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares in the last quarter. IAG Wealth Partners LLC bought a new position in Symbotic in the 2nd quarter valued at about $32,000. Parkside Financial Bank & Trust increased its stake in 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 buying an additional 268 shares during the period. Quarry LP acquired a new position in Symbotic during the 4th quarter valued at about $36,000. Finally, Parallel Advisors LLC raised its position in shares of Symbotic by 67.3% during the 4th 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.