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

Shares of Symbotic Inc. (NASDAQ:SYM) 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 traded.

Analyst Upgrades and Downgrades

SYM has been the subject of several recent analyst reports. Citigroup reiterated an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. DA Davidson increased their price target on Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Finally, Northland Securities set a $73.00 price objective on Symbotic in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $60.71.

Symbotic Stock Up 5.2%

The firm has a market capitalization of $30.03 billion, a price-to-earnings ratio of -499.54, a price-to-earnings-growth ratio of 5.05 and a beta of 2.13. The firm’s 50 day moving average is $54.67 and its 200 day moving average is $61.13.

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

Insiders Place Their Bets

In related news, insider Maria G. Freve sold 8,306 shares of the stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $55.11, for a total value of $457,743.66. Following the completion of the transaction, the insider owned 539 shares in the company, valued at $29,704.29. This trade represents a 93.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rollin L. Ford sold 60,000 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total value of $3,450,600.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 193,492 shares of company stock worth $11,449,123. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in shares of Symbotic by 13.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,243 shares of the company’s stock worth $609,000 after acquiring an additional 1,223 shares in the last quarter. Osbon Capital Management LLC acquired a new stake in shares of Symbotic during the fourth quarter valued at approximately $334,000. Fund Advisors of America Inc FL acquired a new position in Symbotic in the 4th quarter worth approximately $1,378,000. Mercer Global Advisors Inc. ADV boosted its stake in Symbotic by 32.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock worth $502,000 after purchasing an additional 2,056 shares during the period. Finally, NewEdge Advisors LLC grew its position in Symbotic by 278.4% during the 4th quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock worth $578,000 after purchasing an additional 7,145 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.