Symbotic (NASDAQ:SYM) Stock Price Up 4.3% – Still a Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price rose 4.3% during trading on Monday . The company traded as high as $25.17 and last traded at $25.03. Approximately 468,186 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,816,539 shares. The stock had previously closed at $23.99.

Analyst Ratings Changes

SYM has been the topic of several research analyst reports. Northland Securities lifted their price objective on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. BWS Financial restated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Finally, Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $42.54.

Symbotic Stock Performance

The firm has a fifty day simple moving average of $29.46 and a 200-day simple moving average of $28.77. The company has a market capitalization of $14.88 billion, a PE ratio of -422.17 and a beta of 1.73.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. The business’s revenue was up 47.2% compared to the same quarter last year. As a group, research analysts anticipate that Symbotic Inc. will post 0.12 EPS for the current fiscal year.

Insider Activity

In other news, insider William M. Boyd III sold 8,826 shares of Symbotic stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. The trade was a 27.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total transaction of $47,920.00. Following the sale, the director now owns 2,000 shares in the company, valued at approximately $47,920. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,745 shares of company stock worth $3,261,675. 38.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in SYM. Raymond James Trust N.A. grew its position in shares of Symbotic by 10.8% during the second quarter. Raymond James Trust N.A. now owns 37,922 shares of the company’s stock worth $1,333,000 after acquiring an additional 3,700 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Symbotic by 9.6% in the second quarter. Bank of New York Mellon Corp now owns 80,707 shares of the company’s stock valued at $2,838,000 after purchasing an additional 7,058 shares during the period. Skylands Capital LLC bought a new stake in shares of Symbotic during the second quarter valued at approximately $295,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Symbotic by 21.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,309 shares of the company’s stock valued at $222,000 after buying an additional 1,130 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Symbotic during the second quarter worth approximately $119,000.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.