Symbotic (NASDAQ:SYM) Stock Price Up 13.2% – Still a Buy?

Symbotic Inc. (NASDAQ:SYM) shares rose 13.2% during mid-day trading on Friday . The company traded as high as $47.98 and last traded at $47.78. Approximately 4,966,957 shares were traded during mid-day trading, an increase of 145% from the average daily volume of 2,028,369 shares. The stock had previously closed at $42.20.

Analysts Set New Price Targets

SYM has been the subject of a number of analyst reports. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Wednesday, April 2nd. Arete initiated coverage on shares of Symbotic in a report on Wednesday, June 25th. They issued a “buy” rating and a $50.00 price objective for the company. Arete Research raised shares of Symbotic to a “strong-buy” rating and set a $50.00 price objective for the company in a report on Wednesday, June 25th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Finally, Citigroup lowered their target price on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.71.

Symbotic Stock Up 13.2%

The firm has a market cap of $28.17 billion, a price-to-earnings ratio of -1,194.58, a PEG ratio of 79.85 and a beta of 2.03. The company’s 50-day moving average price is $30.03 and its 200-day moving average price is $26.28.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) EPS. On average, sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, Director Daniela L. Rus sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $30.00, for a total value of $30,000.00. Following the sale, the director owned 26,435 shares of the company’s stock, valued at $793,050. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 4,628 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total transaction of $104,685.36. Following the completion of the sale, the chief financial officer directly owned 54,011 shares in the company, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,616 shares of company stock valued at $1,140,517. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds have recently added to or reduced their stakes in SYM. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Symbotic by 15.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after purchasing an additional 11,098 shares during the last quarter. S Squared Technology LLC increased its stake in Symbotic by 6.7% in the first quarter. S Squared Technology LLC now owns 480,000 shares of the company’s stock valued at $9,701,000 after purchasing an additional 30,000 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Symbotic by 36.7% in the first quarter. Advisors Asset Management Inc. now owns 35,261 shares of the company’s stock valued at $713,000 after purchasing an additional 9,459 shares during the last quarter. Finally, Amundi increased its stake in Symbotic by 53.0% in the first quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after purchasing an additional 24,993 shares during the last quarter.

Symbotic Company Profile

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.